Massachusetts Mutual Life Insurance Company (MassMutual) has announced it will add $100 million to its MM Catalyst Fund (MMCF) to continue investing in Black-owned startups.

Launched two years ago, the fund was created with $50 million. Today, the firm's latest investment will provide opportunities for Black, Latinx, and Indigenous-led businesses across the U.S. and Canada at a time when venture capital is scarce for diverse groups.

“This new fund will build and expand upon the MM Catalyst Fund’s success — including our innovative, consultative approach that helps address the gaps and barriers to funding,” Jason Allen, portfolio manager of impact investments at MassMutual, said in a statement. “We look forward to investing in companies led by exceptional founders who are solving problems with compassion and conviction to generate positive, measurable social and environmental impact while addressing inequality in capital markets.”

The MM Catalyst Fund has invested in 16 businesses across Massachusetts, including HourWork, a recruitment and retention platform for hourly workers in the quick-service restaurant industry — founded by Rahkeem Morris — and Clean Crop Technologies, a western Massachusetts-based agriculture technology startup.