PayPal To Invest $50M in Eight Early-Stage, Black and Latinx-Led Funds

PayPal Holdings, Inc. (NASDAQ: PYPL) will invest $50m in eight early-stage, Black and Latinx-led venture capital funds.

The commitments, which are part of PayPal’s strategy of investing $530m to support Black-owned businesses, strengthen underrepresented minority communities and fight for racial equity and economic equality, are:

• Chingona Ventures; 
• Fearless Fund; 
• Harlem Capital; 
• Precursor Ventures; 
• Slauson & Co.; 
• VamosVentures; 
• Zeal Capital Partners; and
• one additional fund.

The firm will work collaboratively with these early-stage funds and, in some cases, invest directly in businesses through PayPal Ventures, its venture capital arm, which 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.

FinSMEs

30/10/2020