{"id":1857,"date":"2021-05-29T07:04:23","date_gmt":"2021-05-29T07:04:23","guid":{"rendered":"https:\/\/africanamericanvoice.net\/?p=1857"},"modified":"2021-08-22T07:12:57","modified_gmt":"2021-08-22T07:12:57","slug":"paypal-invests-additional-50-million-in-black-and-latinx-led-venture-capital-funds-as-part-of-535-million-commitment","status":"publish","type":"post","link":"https:\/\/africanamericanvoice.net\/?p=1857","title":{"rendered":"PayPal Invests Additional $50 Million in Black and Latinx-Led Venture Capital Funds as Part of $535 Million Commitment"},"content":{"rendered":"

SAN JOSE, Calif.<\/span>,\u00a0May 26, 2021<\/span>\u00a0\/PRNewswire\/ — PayPal Holdings, Inc. (NASDAQ:\u00a0PYPL<\/a>) today announced that it will invest an additional\u00a0$50 million<\/span>\u00a0in 11 Black- and Latinx-led early-stage venture capital funds, including Aperture Venture Capital; Collab Capital; Interlace Ventures; Kapor Capital; MaC Venture Capital; Noemis Ventures; Seae Ventures; SV LATAM Capital; and three additional funds. These build upon the\u00a0$50 million<\/span>\u00a0investment by PayPal in eight Black and Latinx-led early-stage venture capital funds<\/a>\u00a0announced in\u00a0October 2020<\/span>\u00a0and are part of the company’s\u00a0commitment to invest\u00a0$535 million<\/span><\/a>\u00a0to support Black-owned businesses, strengthen underrepresented minority communities and fight for racial equity and economic equality.<\/p>\n

“Venture capital funds led by Black and Latinx managers expand wealth creation opportunities for diverse founders,” said\u00a0Dan Schulman<\/span>, president and CEO, PayPal. “Over the long-term, the\u00a0$100 million<\/span>\u00a0we are investing in 19 exceptional venture capital firms will help to foster a next generation of diverse founders that are building products and services that empower a more inclusive economy. These investments grow from our commitment to advance a more just and equitable society.”<\/p>\n

PayPal will work collaboratively with these early-stage funds to provide resources, relationships and deep industry expertise, and, in some cases, invest directly in businesses alongside the funds through PayPal Ventures, its venture capital arm. PayPal Ventures invests in series A through later funding rounds of startups in areas of strategic relevance to PayPal, including financial services, commerce enablement and payments infrastructure.<\/p>\n

“We are excited to have PayPal join our growing list of corporate investors that are seriously committed to creating a more inclusive economy. Commerce and fintech will play critical roles in building the future and Aperture’s portfolio companies will greatly benefit from PayPal’s engagement, capabilities, and resources,” said\u00a0William Crowder<\/span>, founding partner, Aperture Venture Capital.<\/p>\n

“We’re excited to have PayPal join us as partners, as we work together to tackle the access to capital problem that has plagued Black innovators for generations,” said\u00a0Jewel Burks<\/span>, managing partner, Collab Capital. “While our fund alone will not solve the wealth gap, we do see our work as an important piece to the puzzle and believe PayPal will be integral to this work for many years to come.”<\/p>\n

“An exciting opportunity exists to completely transform the way we shop in the U.S., and we’ve already seen the industry accelerate rapidly over the last year due to Covid-19,” said Joseph Sartre, managing partner, Interlace Ventures. “We strongly believe that underrepresented founders will produce the next big innovations in commerce. We are proud to partner with PayPal and fund the next generation of commerce technology for a better commerce experience.”<\/p>\n

“PayPal is once again taking a step in the right direction by championing diversity and investing in black and Latinx-led venture capital firms,” said\u00a0Marlon Nichols<\/span>, founding managing partner, MaC Venture Capital. “We’re looking forward to continuing working with PayPal and are grateful for their investment to drive positive change in venture capital and beyond, especially as we continue to uplift and provide valuable resources for future early-stage founders creating game-changing initiatives.”<\/p>\n

“Closing the gender and racial equity gaps starts with investing in historically overlooked entrepreneurs. For too long women and BIPOC entrepreneurs have not had equal access to capital” said\u00a0Tuoyo Louis<\/span>, co-founder and managing partner, Seae Ventures. “At Seae Ventures we are committed to improving how vulnerable and traditionally underserved communities access and pay for quality healthcare. We are thrilled to partner with PayPal to address the inherent inequities in the healthcare system.”<\/p>\n

“We are honored to have PayPal as an investor in SV LATAM Fund II. As one of the first Latinas to found an early-stage venture capital firm in Silicon Valley with top-performing financial returns, I appreciate the trust and support that PayPal has vested in us,”\u00a0Consuelo Valverde<\/span>, founder and managing partner, SV LATAM Capital. “PayPal’s investment will allow us to back extraordinary diverse founders that are solving difficult and important problems to transform societies, the environment, and health.”<\/p>\n

About the Funds<\/b><\/p>\n

Aperture Venture Capital\u00a0<\/b>is a first-of-its-kind investing platform that backs diverse founders building the next generation of game-changing tech companies. Aperture’s investors include leading corporations seriously committed to building an inclusive economy through partnership and collaboration. Aperture Venture Capital has offices in\u00a0Philadelphia, PA<\/span>\u00a0and\u00a0Los Angeles, CA.<\/span><\/p>\n

Collab Capital’s\u00a0<\/b>mission is to establish a new institution that provides a viable pathway to sustained wealth for the Black community by investing in tech and tech-enabled companies through efficient capital and effective connections between Black innovators, investors, and influencers. Founded by\u00a0Jewel Burks<\/span>,\u00a0Justin Dawkins<\/span>, and\u00a0Barry Givens<\/span>, Collab Capital is based in\u00a0Atlanta, GA.<\/span><\/p>\n

Interlace Ventures\u00a0<\/b>is a seed stage fund partnering with magnetic founders building the most promising technology companies meaningfully re-inventing commerce and retail for better consumption. Founded by\u00a0Vincent Diallo<\/span>\u00a0and Joseph Sartre, Interlace Ventures is based in\u00a0New York City<\/span>, NY.<\/p>\n

Kapor Capital\u00a0<\/b>is a fund that understands that startup companies have the ability to transform entire industries and to address urgent social needs as they do so. Managing Partners are\u00a0Brian Dixon<\/span>\u00a0and Ulili Onovakpuri, Kapor Capital is based in\u00a0Oakland, CA.<\/span><\/p>\n

MaC Venture Capital\u00a0<\/b>is a seed-stage venture capital firm that invests in technology startups leveraging shifts in cultural trends and behaviors. Founded by\u00a0Marlon Nichols<\/span>,\u00a0Adrian Fenty<\/span>,\u00a0Mike Palank<\/span>, and\u00a0Charles D. King<\/span>, MaC Venture Capital is based in\u00a0Los Angeles<\/span>\u00a0and\u00a0Menlo Park, CA.<\/span><\/p>\n

Noemis Ventures<\/b>\u00a0invests and partners with early-stage companies to empower and pursue growth, specifically investing in founders who are transforming the world through disruptive technology in fintech, artificial intelligence and machine learnings, and collaborative commerce. Founded by\u00a0Simeon Iheagwam<\/span>, Noemis Ventures is based in\u00a0New York City<\/span>,\u00a0New York<\/span>.<\/p>\n

Seae Ventures\u00a0<\/b>is dedicated to building and investing in early-stage healthcare technology and services companies primarily founded by women and people who identify as Black, Indigenous and People of Color. Founded by\u00a0Jason Robart<\/span>,\u00a0Tuoyo Louis<\/span>\u00a0and\u00a0Pete Sally<\/span>, Seae Ventures is based in\u00a0Boston, MA.<\/span><\/p>\n

SV LATAM Capital\u00a0<\/b>seeks to partner early with extraordinary entrepreneurs that have the grit and ambition to transform societies, the environment, and health on a global scale. Founded by\u00a0Consuelo Valverde<\/span>, SV LATAM Capital is based in\u00a0San Francisco, CA.<\/span><\/p>\n

About PayPal
<\/b>PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 375 million consumer and merchant accounts in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.<\/p>\n

Media Contacts
<\/b>Taylor Watson<\/span>
taywatson@paypal.com<\/a><\/p>\n

Source:\u00a0PRNewswire.com<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SAN JOSE, Calif.,\u00a0May 26, 2021\u00a0\/PRNewswire\/ — PayPal Holdings, Inc. (NASDAQ:\u00a0PYPL) today announced that it will invest an additional\u00a0$50<\/p>\n","protected":false},"author":2,"featured_media":1859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[32],"tags":[],"class_list":["post-1857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=\/wp\/v2\/posts\/1857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1857"}],"version-history":[{"count":1,"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=\/wp\/v2\/posts\/1857\/revisions"}],"predecessor-version":[{"id":1858,"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=\/wp\/v2\/posts\/1857\/revisions\/1858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=\/wp\/v2\/media\/1859"}],"wp:attachment":[{"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/africanamericanvoice.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}