SAN JOSE, Calif., May 26, 2021 /PRNewswire/ -- PayPal Holdings,
Inc. (NASDAQ: PYPL) today announced that 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. These build 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.
"Venture capital funds led by Black and Latinx managers expand
wealth creation opportunities for diverse founders," said
Dan Schulman, president and CEO,
PayPal. "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."
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. PayPal Ventures
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.
"We are excited to have PayPal join our growing list of
corporate investors that are seriously committed to creating a more
inclusive economy. Commerce and fintech will play critical roles in
building the future and Aperture's portfolio companies will greatly
benefit from PayPal's engagement, capabilities, and resources,"
said William Crowder, founding
partner, Aperture Venture Capital.
"We're excited to have PayPal join us as partners, as we work
together to tackle the access to capital problem that has plagued
Black innovators for generations," said Jewel Burks, managing partner, Collab Capital.
"While our fund alone will not solve the wealth gap, we do see our
work as an important piece to the puzzle and believe PayPal will be
integral to this work for many years to come."
"An exciting opportunity exists to completely transform the way
we shop in the U.S., and we've already seen the industry accelerate
rapidly over the last year due to Covid-19," said Joseph Sartre,
managing partner, Interlace Ventures. "We strongly believe that
underrepresented founders will produce the next big innovations in
commerce. We are proud to partner with PayPal and fund the next
generation of commerce technology for a better commerce
experience."
"PayPal is once again taking a step in the right direction by
championing diversity and investing in black and Latinx-led venture
capital firms," said Marlon Nichols,
founding managing partner, MaC Venture Capital. "We're looking
forward to continuing working with PayPal and are grateful for
their investment to drive positive change in venture capital and
beyond, especially as we continue to uplift and provide valuable
resources for future early-stage founders creating game-changing
initiatives."
"Closing the gender and racial equity gaps starts with investing
in historically overlooked entrepreneurs. For too long women and
BIPOC entrepreneurs have not had equal access to capital" said
Tuoyo Louis, co-founder and managing
partner, Seae Ventures. "At Seae Ventures we are committed to
improving how vulnerable and traditionally underserved communities
access and pay for quality healthcare. We are thrilled to partner
with PayPal to address the inherent inequities in the healthcare
system."
"We are honored to have PayPal as an investor in SV LATAM Fund
II. As one of the first Latinas to found an early-stage venture
capital firm in Silicon Valley with top-performing financial
returns, I appreciate the trust and support that PayPal has vested
in us," Consuelo Valverde, founder
and managing partner, SV LATAM Capital. "PayPal's investment will
allow us to back extraordinary diverse founders that are solving
difficult and important problems to transform societies, the
environment, and health."
About the Funds
Aperture Venture Capital is a first-of-its-kind investing
platform that backs diverse founders building the next generation
of game-changing tech companies. Aperture's investors include
leading corporations seriously committed to building an inclusive
economy through partnership and collaboration. Aperture Venture
Capital has offices in Philadelphia,
PA and Los Angeles, CA.
Collab Capital's mission is to establish a new
institution that provides a viable pathway to sustained wealth for
the Black community by investing in tech and tech-enabled companies
through efficient capital and effective connections between Black
innovators, investors, and influencers. Founded by Jewel Burks, Justin
Dawkins, and Barry Givens,
Collab Capital is based in Atlanta,
GA.
Interlace Ventures is a seed stage fund partnering with
magnetic founders building the most promising technology companies
meaningfully re-inventing commerce and retail for better
consumption. Founded by Vincent
Diallo and Joseph Sartre, Interlace Ventures is based in
New York City, NY.
Kapor Capital is a fund that understands that startup
companies have the ability to transform entire industries and to
address urgent social needs as they do so. Managing Partners are
Brian Dixon and Ulili Onovakpuri,
Kapor Capital is based in Oakland,
CA.
MaC Venture Capital is a seed-stage venture capital firm
that invests in technology startups leveraging shifts in cultural
trends and behaviors. Founded by Marlon
Nichols, Adrian Fenty,
Mike Palank, and Charles D. King, MaC Venture Capital is based in
Los Angeles and Menlo Park, CA.
Noemis Ventures invests and partners with
early-stage companies to empower and pursue growth, specifically
investing in founders who are transforming the world through
disruptive technology in fintech, artificial intelligence and
machine learnings, and collaborative commerce. Founded by
Simeon Iheagwam, Noemis Ventures is
based in New York City,
New York.
Seae Ventures is dedicated to building and investing in
early-stage healthcare technology and services companies primarily
founded by women and people who identify as Black, Indigenous and
People of Color. Founded by Jason
Robart, Tuoyo Louis and
Pete Sally, Seae Ventures is based
in Boston, MA.
SV LATAM Capital seeks to partner early with
extraordinary entrepreneurs that have the grit and ambition to
transform societies, the environment, and health on a global scale.
Founded by Consuelo Valverde, SV
LATAM Capital is based in San Francisco,
CA.
About PayPal
PayPal has remained at the forefront of
the digital payment revolution for more than 20 years. By
leveraging technology to make financial services and commerce more
convenient, affordable, and secure, the PayPal platform is
empowering more than 375 million consumer and merchant accounts in
more than 200 markets to join and thrive in the global economy. For
more information, visit paypal.com.
Media Contacts
Taylor
Watson
taywatson@paypal.com
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SOURCE PayPal Holdings, Inc.