Investments are always important in every industry. But it’s especially welcome when the investments made are done so in the sectors where minority groups work and live.
PayPal Holdings Inc. just made a substantial investment in LA in the black and Latino communities. In all, $50m was put into eight VC funds in this group, two of which are in the Los Angeles region. This translates into two firms – Slauson and Co. and VamosVentures – each receiving $10m in funding. Slauson and Co.’s mission is “intentional inclusion” and VamosVentures seeks to “to empower diverse communities through wealth creation, talent pipeline building, social mobility and unique tech-driven solutions to challenges persistent in our communities.”
This investment is exactly in line with the mission statements of the above two firms. As Dan Schulman, CEO of PayPal explained:
“Black and Latinx founders have been underrepresented in venture capital funding for far too long. By directing our dollars to investors from underrepresented communities, we’re supporting their investment in Black and Latinx entrepreneurs at the earliest stages. We’re honored to support this outstanding group of venture capitalists as we seek to bring more equity to the fundraising process.”
Meanwhile, REEF Technology is receiving a generous investment of $700m from Mubadala and SoftBank. The mission of Mubadala is: to “build upon the legacy of the late Sheikh Zayed bin Sultan Al Nayhan, who envisioned a free, stable and dignified life for the people of this country,” also in line with the overall sentiment of looking out for all demographics.
This money will be put to almost doubling the amount of locations nationwide and re-purposing the parking lots into neighborhood hubs.