Wednesday, October 28, 2020

Two LA Venture Funds Get Backing From PayPal

Two, Los Angeles-area venture capital investment funds have gotten backing from PayPal, as part of a new effort by PayPal to support Black and Latinx-led venture capital funds. According to PayPal Holdings, it invested a total of $50M in eight, early-stage, Black and Latinx-led venture capital funds yesterday, including two, Los Angeles area funds--Slauson & Co., led by Austin Clements and Ajay Relan; and VamosVentures, led by Marcos C. Gonzalez. Slauson & Co. says its provides access to capital, mentorship, and operational resources for people of color, women and LGBTQ+ entrepreneurs, and focuses on creators, investors, entrepreneurs, operators and community builders. VamosVentures says it is focused on "wealth creation, talent pipeline building, social mobility and unique tech-driven solutions to challenges persistent in our communities." PayPal said the other funds it made investments in included Chingona Ventures; Fearless Fund; Harlem Capital; Precursor Ventures; Zeal Capital Partners; and one additional fund.