Venture Capital: L’ATTITUDE Ventures Raises $100M To Back Latino Startups

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L’ATTITUDE Ventures closed its first institutional fund raising on Wednesday, raising over $100 million with an anchor investment from Wall Street titan JPMorgan Chase (NYSE: JPM) and initial investments from Trujillo Group and Bank of America (NYSE: BAC).

The venture fund invests in early-stage companies either founded or run by Latino entrepreneurs. It also received investments from Barclays (LON: BARC), the Royal Bank of Canada (TSE: RY), and Cisco (NASDAQ: CSCO), among others. (Reuters)

Major financial firms are seeking to increase their impact investing presence and support under-represented societal groups as impact investing gains popularity. Companies are becoming more aware of supporting businesses and startups from diverse sociocultural backgrounds as impact investing gains popularity.

Brian Moynihan, Bank of America’s CEO, expressed his satisfaction with the investment in a statement. He said L’ATTITUDE reinforced his corporation’s commitment to filling the persistent gap in access to growth capital and increasing the number of opportunities for diverse entrepreneurs’ businesses.

Brazilian financial technology company Nubank recently valued at nearly $52 billion in its initial public offering, among other Latin American businesses, has invested heavily in the U.S. market.

According to Jamie Dimon, CEO of JPMorgan, Latino-led businesses are vital to the U.S. economy, but they frequently suffered from lack of capital and resources to fuel expansion.

The investment in L’ATTITUDE Ventures builds on JP Morgan’s ongoing support to small businesses and, in particular, Latino entrepreneurs, Dimon said.

According to Tech Crunch, L’ATTITUDE Ventures has already invested in several startups including Listo, Flow Founders and Camino Financial.

It will use the new funds to back another 20 ventures, issuing average check sizes in the range from $750,000 to $1.5 million. Its portfolio would finally feature between 40 and 50 startups.

Related Story: Truist To Fund $120M For Black, Latinx And Women-Owned Businesses

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