PayPal Holdings, Inc. (NASDAQ: PYPL) will invest an additional $50m in 11 Black- and Latinx-led early-stage venture capital funds.
The backed funds include 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.
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.