Mendoza Ventures Announces First Close of Its $100M Early Growth Fintech Fund Anchored by Bank of America
BOSTON, 5 January 2023 /PRNewswire/ — 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 dollars The fund will invest in early growth startups with a focus on different teams. The initial closing was led by Bank of Americaincluding 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,” says 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 female, immigrant, people of color or LBGTQ) underscores how these commitments have ripple effects from diverse founders to impact diverse communities through fintech. Fond III breaks 100 million dollars glass ceiling for female and diverse GPs in Venture Capital and fill 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,” says 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 within 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 financing comes from Bank of America as part of their commitment to promote racial equality and economic opportunity, of which above 400 million dollars is allocated to investments in mission-focused venture funds.
About Mendoza Ventures
Mendoza Ventures is a fintech, AI and cybersecurity fund based in Boston and San Francisco. The company is run by husband and wife Adrian and Senofer Mendoza, former entrepreneurs and veterans of the startup ecosystem. The firm focuses on diversity playing an important role in their investment decisions. Started in 2016 with the launch of its pilot fund, the firm launched its Fund II in 2019. Mendoza Ventures is the first LatinX-owned venture fund on the East Coast. Learn more at www.mendozaventures.com
Contact
Senofer Mendoza; [email protected]; 617-505-6070
SOURCE Mendoza Ventures
