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HubSpot has a history of helping to scale companies. Now, it’s continuing to run the race with its latest investment into Black-owned businesses, families, and communities. According to a press release, the platform will invest $7.5 million to support Minority Depository Institutions (MDIs) and help close the racial wealth, health, and opportunity gap. The funds are what’s left of HubSpot’s $20 million social impact investing commitment and will continue its efforts to dismantle systemic racism by imposing change through four key pillars — introspection, investment, inclusion, and impact. “Through our conversations with MDIs, we’ve learned about their missions and the unique challenges they face in lending and gaining access to a recurring revenue stream,” said Kate Bueker, CFO of HubSpot, in an official statement. “We have a responsibility to our Black employees, customers, partners, and investors to help create more economic opportunities and we’re proud to partner with J.P....
Following the racial tensions stemming from the murder of George Floyd in May 2020, many companies shifted their gaze toward the voices and needs of Black communities. Netflix was one of them. As AfroTech previously told you, in June 2020, the streaming service pledged 2 percent of its cash holdings to funnel $100 million into Black-owned banks. The investment will honor its mission to provide direct aid to Black communities within the U.S. According to a study in 2019, the average white household acquired $188,200 in wealth, which is 7.8 times more than the average Black household. Equal distribution of capital is vital to spearhead the financial empowerment of Black communities.