While protests were still at their peak in June, PayPal pledged $530m to support black owned and latinx small businesses. $50m of that is going to eight black and latinx venture capital firms. The firms include Chingona Ventures, Fearless Fund, Harlem Capital, Precursor, Slauson & Co., Vamos Ventures, Zeal Capital Partners and one other fund that has yet to be named. More than 60 VC firms were interviewed to receive the grants from PayPal.
Dan Schulman, PayPal’s CEO said ““So little venture money goes into minority communities. This is a way to think about how we start to create wealth creation.” And this it does as the money received by PayPal will help the selected firms to become top investors almost instantaneously.
Original Article: The New York Times
Image Credit: Dan Schulman, the PayPal CEO. Credit Larry Busacca/Getty Images for Kiva