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Diversity-focused VC fund Harlem Capital debuts with $40 million

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Harlem Capital has upgraded from angel syndicate to full-fledged venture capital fund, closing its debut effort on an oversubscribed $40.3 million.

The firm was launched by managing partners Henri Pierre-Jacques and Jarrid Tingle in New York City’s Harlem neighborhood in 2015. The pair have since graduated from Harvard Business School  and hired two venture partners, Brandon Bryant and John Henry, and two senior associates to help expand their portfolio. The over-arching goal: invest in 1,000 diverse founders over the next 20 years.

“We fundamentally believe we are a venture fund with impact, not an impact fund,” Pierre-Jacques tells TechCrunch. “The way we generate impact is to give women and minority entrepreneurs ownership.

Capital from Harlem Capital Partners Venture Fund I, an industry-agnostic vehicle that invests in post-revenue businesses across the U.S., will be used to lead, co-lead or participate in $250,000 to $1 million-sized seed or Series A financings. To date, the team has backed 14 companies, including B2B feminine hygiene product Aunt Flow, gig economy marketplace Jobble and pet wellness platform Wagmo. Harlem Capital plans to add another 22 businesses to Fund 1.

Reported by Tech Crunch

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