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PayPal Invests $50M in Early-Stage Black and Latinx-Led VCs to Boost Economic Equality

Back in June, PayPal made a $530 million commitment to Black and minority-owned businesses to fight racial injustice. Now, as a part of that promise, the financial giant is paying up. In a press release , Paypal announced an investment of $50 million in eight early-stage Black and Latinx-led venture capital funds: Chingona Ventures; Fearless Fund; Harlem Capital; Precursor Ventures; Slauson & Co.; VamosVentures; Zeal Capital Partners; and one additional fund. The money will be funneled to each company through PayPal venture capital arm, PayPal Ventures, which invests in startups from series A to late-stage funding. “Black and Latinx founders have been underrepresented in venture capital funding for far too long,” said president and CEO of PayPal, Dan Schulman. In addition to providing capital to minority-led VCs, PayPal Ventures is offering a three-month fellowship to a Black or Latinx graduate student each semester. In the program, the student will be mentored about business....

Niki McGloster

Oct 28, 2020