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Seeks to back women, minority-led start-ups

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Bank of America ( BAC ), Visa Foundation to invest

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Targets sectors including tech, health, media

By Simon Jessop

LONDON, March 25 (Reuters) - Diversity focused venture

capital investor Impact X Capital Partners said on Monday it was

looking to raise 100 million pounds ($126 million) for its

second fund and already has backing from investors including

Bank of America ( BAC ).

The firm, an early backer of fast-growing insurance

technology company Marshmallow, said it would seek to invest in

later-stage seed and Series A funding rounds across sectors

including technology, media and healthcare.

"Until underrepresented entrepreneurs reach economic parity

in terms of the access to and allocation of capital, this work

will continue to be very important," said Impact X Founding

Partner and Chief Investment Officer Paula Groves.

"The persistent statistics over the last 25 years have been

that less than 4% of venture capital goes to women and less than

1% goes to Black entrepreneurs. With our other partners, Impact

X plans to make a powerful increase in these stats."

Other investors alongside Bank of America ( BAC ), which will invest

in the IX Global I fund from its own balance sheet, include the

Visa Foundation, Guy's and St Thomas' Foundation and technology

venture capital investor Atomico, the firm said.

As well as several individual investors from Impact X

Capital's first fund, the initial investors in the new fund have

contributed around 12 million pounds, Impact X Chief Executive

and Founding Partner Eric Collins said.

"This historic capital allocation not only validates our

track record but also equips us with the resources to make a

lasting impact on diverse-led businesses," he said.

Bernard Mensah, President of International, Bank of America ( BAC )

said the investment "underscores our ongoing commitment to

advance economic opportunity for diverse people and

communities".

The first investment to be made from Impact X Global I is in

British property technology company iKnowa.

($1 = 0.7941 pounds)