Mendoza Ventures Announces Closing of Its $100 Million Early Growth FinTech Fund

By Edlyn Cardoza

Mendoza Ventures, a female and Latinx-founded FinTech, AI and Cybersecurity Venture Capital firm, has achieved an initial close on its third fund. The $100 million fund will invest in early growth stage startups with a focus on diverse teams. The first closing was led by Bank of America, including Grasshopper Bank and other investors.

“As a female and Latinx founded and led venture fund, we are uniquely positioned to fund Series A through B for diverse or female-led founders,” said Adrian Mendoza, General Partner at Mendoza Ventures. “This is one of the very few diversely led VC funds to fund at this stage, especially in a market where capital is shrinking for diverse founders.”

Fund II’s 80% capital allocation to underrepresented founders (defined as a woman, immigrant, person of color or LBGTQ) underscores how these commitments have ripple effects from diverse founders to impact diverse communities through fintech. Fund III breaks the $100 million glass ceiling for female and diverse GPs in Venture Capital and fills the early growth capital gap for diverse and female-led startups.

“Bank of America’s investment in Mendoza Ventures underscores our ongoing efforts to address the persistent gap in access to growth capital for minority and women-led businesses,” said Renee Nalbandyan, Director of Global Corporate Strategy at Bank of America. “Mendoza Ventures is at the forefront of supporting innovation and driving diversity not only in Venture Capital but also across the fintech industry, and our investment is a step toward creating positive change and more economic opportunity across the country.”

The anchor funding comes from Bank of America as part of their commitment to advancing racial equality and economic opportunity, of which over $400 million has been allocated to investments in mission-focused venture funds.