The funding, which makes Kapor Capital one of the largest Black-led VC firms by assets, will help it continue to invest in “gap-closing” impact-minded startups.
In 2011, Mitch Kapor and Freada Kapor Klein launched a venture capital firm with a contrarian mission: produce elite investment returns by investing in impact-focused startups that are helping level the playing field in financial services, healthcare and more.
Kapor Capital had previously invested from a $25 million fund allocated by the Kapors in 2015 and a subsequent $60 million fund from 2018. By doubling the firm’s fund size, Onovakpuri and Dixon say they want to invest more into emerging winners in the portfolio. The firm also plans to lead more rounds than previously.
“Sometimes when people hear impact, they hear subpar returns. They hear tradeoffs of impact versus returns,” says Dixon. “Our fund, and our thesis, is fundamentally build on ‘you can do both.’” In one meeting with a prospective backer she declined to name, Onovakpuri recounts that the investor told Onovakpuri that their institution couldn’t write Kapor Capital a check because it was “out of Black dollars.” Onovakpuri says she responded that she welcomed “green dollars,” too.
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