PayPal Announces $50 Million Investment in Black & Latinx-Led Venture Capital Funds

PayPal (NASDAQ: PYPL) recently announced it will invest $50 million in eight early-stage, Black and Latinx-led venture capital funds, which are Chingona VenturesFearless FundHarlem CapitalPrecursor VenturesSlauson & Co.VamosVenturesZeal Capital Partners; and one additional fund.

According to PayPal, the investments are part of the payment platform’s mission to invest $530 million to support Black-owned businesses, along with strengthen underrepresented minority communities and fight for racial equity and economic equality.

PayPal will work collaboratively with these early-stage funds and, in some cases, invest directly in businesses 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. PayPal will also begin offering a three-month fellowship to a Black or Latinx graduate student each semester, through which the PayPal Ventures team will provide coaching, training and mentoring.”

PayPal further revealed that in September, it awarded approximately $5 million in grants to 20 nonprofit community partners to support Black-owned businesses throughout the U.S. in their recovery from the impact of the COVID-19 pandemic. In August, the platform completed the distribution of $10 million in empowerment grants to Black-owned small businesses to help them stabilize and reopen during the pandemic.

 

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