Citigroup Inc. launched a $150 million fund that will make equity investments in double bottom-line private sector companies based in the U.S. that have a positive impact on society.

The companies must be applying innovative solutions to address four societal challenges, namely workforce development, financial capability, physical and social infrastructure and sustainability.

Investments could reach up to $10 million, and will be primarily made in companies that have demonstrated proof of concept, built an existing customer base, secured prior rounds of funding and exhibited the potential for scale in multiple markets. A portion of the fund is designated for earlier stage seed investments, which will be exclusively allocated to businesses led or owned by women and minorities.