BOSTON, Jan. 5, 2023 — Mendoza Ventures, a female and Latinx-founded Fintech, AI, and Cybersecurity Venture Capital business, has completed its third fund’s first closure. The USD 100 million funds will invest in early-stage firms with diverse teams. Bank of America led the initial closure, which included Grasshopper Bank and other investors.
“As a female and Latinx established and led venture fund, we are ideally positioned to invest the series A to B for diversification or female-led entrepreneurs,” Adrian Mendoza, Mendoza Ventures General Partner, adds. This is one of the very few diverse-led VC firms supporting at this point, especially in a market where the money for diverse entrepreneurs is dwindling.”
The distribution of 80% of Fund II’s funding to underrepresented founders (defined as female, immigrant, the person of color, or LBGTQ) demonstrates how these pledges create a ripple effect from diverse entrepreneurs to reaching diverse communities through fintech. Fund III shatters the USD 100 million glass ceiling for female and various venture capitalists and bridges the early-stage finance gap for diverse and female-led firms.
“Bank of America’s investment in Mendoza Ventures illustrates our continuous efforts to address the chronic gap in access to growth finance for minority- and women-led firms,” says Renee Nalbandyan, Bank of America’s Director of Global Corporate Strategy. “Mendoza Ventures is at the forefront of promoting innovation and encouraging diversity not just within the venture capital market, but also across the fintech industry. Our investment is a step toward creating good change and greater economic possibilities across the country.”
Bank of America provided the anchor capital as part of their commitment to improving racial equality and economic opportunity, with over USD 400 million dedicated to investments in mission-focused venture funds.
More about the company:
Mendoza Ventures is a fintech, artificial intelligence, and cybersecurity venture fund with offices in Boston and San Francisco. Adrian and Senofer Mendoza, husband and couple entrepreneurs and startup ecosystem veterans, operate the company. The company places a premium on diversity, which influences its investing selections. The business launched its Fund II in 2019, following the introduction of its pilot fund in 2016. Mendoza Ventures is the East Coast’s first LatinX-owned venture fund.
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