KEYWORDS: Intrinsic Capital Partners, Bentley Systems, CIVC Partners, Point Nine, Oceans Ventures, Zeal Capital Partners, Bits x Bites, PayPal Holdings, PYPL, Chingona Ventures, Fearless Fund, Harlem Capital, Precursor Ventures, Slauson & Co., VamosVentures, Zeal Capital Partners
NEW FUNDS
Intrinsic Capital Partners, a Conshohocken, Pa.-based private equity firm, closed a $102m growth equity fund
Bentley Systems (Nasdaq: BSY), an Exton, Pa.-based infrastructure engineering software company, established a $100m corporate venture capital fun
CIVC Partners, LP, a Chicago, IL-based middle market private equity firm, closed CIVC Partners Fund VI, LP, at $525m
Point Nine, a Berlin, Germany-based early stage venture capital firm, closed its fifth fund, at nearly €100m
Newly formed NYC-based venture capital firm Oceans Ventures closed its first fund – the Oceans Ventures Fund I – totaling $11m
Zeal Capital Partners, a Washington, DC-based early stage venture capital firm, held a $22.3M close of its Inclusive Investing™ strategy
Bits x Bites, an agrifood tech venture capital fund focusing on the Chinese market, raised $30M in the first close of its new $70m fund
PayPal Holdings, Inc. (NASDAQ: PYPL) will invest $50m in eight early-stage, Black and Latinx-led venture capital funds
PRESS RELEASE BY PAYPAL
SAN JOSE, Calif., Oct. 28, 2020 /PRNewswire/ — PayPal Holdings, Inc. (NASDAQ: PYPL) today announced it will invest $50 million in eight early-stage, Black and Latinx-led venture capital funds: Chingona Ventures; Fearless Fund; Harlem Capital; Precursor Ventures; Slauson & Co.; VamosVentures; Zeal Capital Partners; and one additional fund. The investments are part of PayPal’s commitment to invest $530 million to support Black-owned businesses, strengthen underrepresented minority communities and fight for racial equity and economic equality.
“Black and Latinx founders have been underrepresented in venture capital funding for far too long,” said Dan Schulman, president and CEO, PayPal. “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.”
PayPal will work collaboratively with these early-stage funds and, in some cases, invest directly in businesses through PayPal Ventures, its venture capital arm. PayPal Ventures invests in series A through later funding rounds of startups in areas of strategic relevance to PayPal, including financial services, commerce enablement and payments infrastructure. PayPal will also begin offering a three-month fellowship to a Black or Latinx graduate student each semester, through which the PayPal Ventures team will provide coaching, training and mentoring.
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