PayPal Holdings, Inc. (NASDAQ:PYPL) announced on Wednesday it will invest an additional $50 million in 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.
PayPal reported that the funding was built upon the $50 million investment by PayPal in eight Black and Latinx-led early-stage venture capital funds announced in October 2020 and are part of the company’s commitment to invest $535 million to support Black-owned businesses, strengthen underrepresented minority communities and fight for racial equity and economic equality. Speaking about the investments, Dan Schulman, president and CEO of PayPal, stated:
“Venture capital funds led by Black and Latinx managers expand wealth creation opportunities for diverse founders. Over the long-term, the $100 million we 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.”
Through the investment, 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.