ImpactAlpha, January 28 — Bank of America is backing 40 minority-led fund managers to bridge the funding gap for Black, Latinx, women and other underallocated entrepreneurs.
The managers include New York-based Harlem Capital (see, “Harlem Capital raises $40 million to ‘change the face of entrepreneurship’”); Atlanta’s Fearless Fund, led by Adrian Simone, Keisha Knight Pulliam and Ayana Parsons; and Zeal Capital Partners in Washington, D.C., which invests in early-stage tech companies focused on bridging the wealth and skills gap.
Others include The Marathon Fund, Serena Ventures, VamosVentures and the New Community Transformation Fund.
The commitment is part of Bank of America’s September pledge of $1 billion over four years to tackle economic and racial inequality. “The funds support diverse entrepreneurs across the U.S. and will drive innovation and economic opportunities, creating more jobs and wealth in communities,” said BofA’s Brian Moynihan.
Fearless, Harlem and Zeal also were among the fund managers selected by Paypal, which in October injected $50 million into eight early-stage venture funds as part of a $350 million commitment to support Black-owned businesses and minority communities.
Portland, Ore.-based Elevate raised $26 million to back under-represented founders. It has made six investments in women-, Black-led and other minority-led early-stage businesses.
The firm’s second fund was backed by Meyer Memorial Trust, the Oregon Growth Account, and Battery Ventures’ Chelsea Stoner.