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.;
- 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.