Raven Indigenous Capital Partners has held a final close on $100 million for a sophomore fund focused on early- and growth-stage “Indigenous enterprises.”

Based in Vancouver, British Columbia, Raven closed on $25 million for its debut fund in 2021. Investors in Fund II include the Bush Foundation and the MacArthur Foundation.

The new fund, Raven Indigenous Impact Fund II, will back Native American enterprises that demonstrate commercial viability, potential for scale and measurable community benefit streams. It is particularly interested in companies focused on technology, health, regenerative agriculture, clean energy and next-generation consumer products.

The firm has at least 10 companies in its existing portfolio, including Cheekbone Beauty, which makes sustainable cosmetics; Plato Testing, which operates a network of Indigenous software testers across Canada; and Navajo Power Home, a solar service provider for off-grid homes on Navajo and Hopi lands.

Raven has said its “mission is to empower Indigenous entrepreneurs with the capital and expertise they need to succeed.” It focuses on seven areas in which it hopes to make an impact, including job creation.

“There are more than 53,000 Indigenous enterprises in Canada, [and] over half cite access to appropriate capital as the primary barrier to growth,” the firm states on its website.

“We are proud to continue our support for Raven’s efforts to close the capital gap for Indigenous entrepreneurs and businesses serving historically marginalized Native communities,” John Balbach, director of impact investments at the MacArthur Foundation, said in a statement. “Raven’s approach presents a powerful opportunity to build a more equitable future.”

Eric White, senior investment manager for the Bush Foundation, said, “As part of the Bush Foundation’s impact investment strategy to advance equity in capital markets with a focus in Minnesota, North Dakota, South Dakota, and the 23 Native Nations that share that geography, the foundation has committed $2 million to Raven Indigenous Impact Fund II.”