As part of its larger $10 million commitment to venture firms and funds centered on diversity and inclusion, Arlington, Virginia-based Consumer Technology Association (CTA) is investing an undisclosed amount in seed-stage venture firm MaC Venture Capital. The Los Angeles-based venture firm primarily provides capital and mentorship to technology startups.
CTA first announced its $10 million investment commitment at CES 2019, the association’s annual technology trade show.
“We’re thrilled to invest in MaC Venture Capital, which has unlocked opportunities for more than 100 diverse founders in our country,” said Tiffany Moore, SVP of political and industry affairs at CTA, in a statement. “Data shows that underrepresented founders — including women and people of color — are at a disadvantage, because they don’t have access to funding from investors. CTA is committed to working toward creating change in the VC landscape.”
This is the fifth investment CTA has made as part of its new commitment. The first two investments last July went into New York-based Harlem Capital Partners and SoGal Ventures, followed by additional investments in Rethink Impact and San Diego-based Founders First Capital Partners. With offices in D.C., New York and San Francisco, Rethink Impact recently closed on $182 million second fund, bringing its total assets under management to $300 million.
CTA did host its annual trade show in January in Las Vegas, and plans to host CES 2021 next year by having a smaller physical show and expanding its digital platform.-30-