CAMBRIDGE, Mass., Dec. 6, 2021 /PRNewswire/ -- HubSpot, the
customer relationship management (CRM) platform for scaling
companies, today announced it is investing the remaining
$7.5 million of its $20 million social impact investing commitment in
support of Minority Depository Institutions (MDIs) to help close
the racial wealth, health, and opportunity gap. The investment
continues HubSpot's commitment to Black communities as part of the
company's efforts to help dismantle systemic racism through
meaningful change across four key pillars - introspection,
investment, inclusion, and impact.
The number of Black-led banks in the U.S. has been steadily
declining, from 48 in 2001, to 20 in 2020. Due to this
decline, Black communities have faced limited banking access and
opportunity, which has created a racial wealth and funding gap.
That's why HubSpot is making an investment to support two MDIs,
M&F Bank and The Harbor Bank of Maryland, through J.P. Morgan Asset
Management's Empower share class, a new institutional money market
share class created in February this year for exclusive
distribution by Minority and Diverse-Led Financial
Institutions.
"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. "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. Morgan to help MDIs support the Black
communities they serve and build a sustainable future."
"The Harbor Bank of Maryland has a
long history of providing capital and financial services to the
communities that it serves," said John
Lewis, President and Chief Operating Officer of The Harbor
Bank of Maryland. "We continue
pushing forward on our mission to provide equitable access to
financial resources. We are encouraged by our partners JPM Asset
Management and HubSpot in furthering our efforts."
Today's news drives progress on HubSpot's Black Lives Matter action
plan and follows the first allocation of its social impact
commitment, a $12.5 million
investment in the Black Economic Development Fund. Managed by the
Local Initiatives Support Corporation (LISC), the Fund has deployed
$55 million in capital in support of
Black-led financial institutions, anchor institutions, and
businesses.
As HubSpot's Chief People Officer Katie
Burke noted in a summary of the progress made earlier this
year, fighting racial injustice requires long-term commitment to
make a lasting impact. That's why HubSpot continues to reflect on
how to build a company future generations would be proud of and
create opportunities for impact in its communities, learning from
its Black employees and Black Advisory Board on how to grow better
as an inclusive company.
For more information about HubSpot's commitments to
diversity, inclusion, and belonging, please visit
www.hubspot.com/diversity and follow HubSpot Life
on Instagram, Twitter, and Facebook to stay
connected.
About HubSpot
HubSpot (NYSE: HUBS) is a leading
customer relationship management (CRM) platform that provides
software and support to help companies grow better. The platform
includes marketing, sales, service, operations, and website
management products that start free and scale to meet our
customers' needs at any stage of growth. Today, more than 128,000
customers across more than 120 countries use HubSpot's powerful and
easy-to-use tools and integrations to attract, engage, and delight
customers.
Named Glassdoor's #4 Best Place to Work in 2021, HubSpot has
been recognized for its award-winning culture by Great Place to
Work, Comparably, Fortune, Entrepreneur, Inc., and more. HubSpot
was founded in 2006 and is headquartered in Cambridge, Massachusetts. The company's
thousands of employees work across the globe in HubSpot offices and
remotely.
Learn more at www.hubspot.com
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SOURCE HubSpot