Consumer Technology Association is among the LPs in the first fund raised by the diversity-focused venture firm, which has closed at an oversubscribed $40.3m.

US-based, diversity-focused venture capital firm Harlem Capital closed its inaugural fund at $40.3m on Monday, sourcing capital from investors including trade convention operator Consumer Technology Association (CTA), surpassing its original $25m target.

The fund’s limited partner list encompasses 55 investors including private equity group TPG, which provides Harlem with resources under a strategic partnership agreement, accelerator operator Techstars and private equity firm KKR.

Other backers include Vanderbilt University, student startup-focused venture firm Dorm Room Fund, public pension manager State of Michigan Retirement System, philanthropic offices Harry and Jeanette Weinberg Foundation and WK Kellogg Foundation.

Harlem Capital begun as an angel syndicate in late 2015, aiming to aid diversity in entrepreneurship through dealmaking and thought leadership, making six investments before launching the fund in June 2018.

The firm says 50% of its LPs are women or people of colour and it plans to make 30 investments out of Harlem Capital Partners Venture Fund I, providing $250,000 to $1m per deal across seed and series A rounds.

So far, eight investments have been made from the fund, and its portfolio companies include gig economy marketplace Jobble, pet care platform Wagmo and feminine hygiene products supplier Aunt Flow.

Jarrid Tingle, managing partner of Harlem Capital, said: “We are grateful for the incredible support from our LPs and broader network that enabled a successful closing. We are grateful for the incredible support from our LPs and broader network that enabled a successful closing.”

The original version of this article appeared on our sister site, Global University Venturing.