PORTLAND, Ore., April 20, 2021 /PRNewswire/ -- Elevate Capital announced today a substantial investment in Fund II by Bank of America as part of Bank of America's $1.25 billion commitment to advance racial equality and economic opportunity. Elevate will invest this capital to enhance its efforts to support underserved minority and women entrepreneurs with early-stage funding.
"We are extremely proud to have Bank of America's support and to be part of its commitment to increasing representation of BIPOC1 founded startups," said Nitin Rai, Founder and Managing Partner of Elevate Capital. "This commitment is a major catalyst for advancing racial equity in entrepreneurship and we will help them achieve that vision through our work."
As part of Bank of America's broader five-year $1.25 billion racial equality and economic opportunity commitment, it will allocate a portion to support equity investments in minority and women entrepreneurs, businesses and funds to help supply growth capital, as well as to invest substantially in programs to create future entrepreneurs.
"At Bank of America, we want to facilitate more equitable opportunities for underrepresented entrepreneurs. Elevate Capital has been at the forefront of advancing diverse entrepreneurial growth and our investment will enable the fund to scale investment and help them accelerate momentum," said Roger Hinshaw, Bank of America Oregon and Southwest Washington President. "Our hope is that this increased flow of capital creates a new generation of diverse entrepreneurs that levels the playing field by creating more jobs and generational wealth where it can have a huge impact in the Pacific Northwest and beyond."
In January 2021, Elevate Capital launched Fund II and to date has raised more than $30 million of the $40 million total. Elevate Capital has announced six investments in Fund II, all of which are led by Black founders and CXOs. Fund II is being led by two institutional investors: Meyer Memorial Trust and the Oregon Growth Account.
About Elevate Capital
Elevate Capital is a Pacific Northwest-based venture capital firm that invests in early-stage underrepresented entrepreneurs, including women and minorities, including communities of color, veterans, and entrepreneurs located in underserved areas. Since 2016, Elevate Capital has invested $10 million in 29 startups of which 80 percent were led by diverse founders. In January 2021, Elevate Capital launched Fund II to expand its mission of inclusive investing, and to date has raised more than $30 million of the $40 million total. For more information, visit elevate.vc or follow Elevate Capital on Twitter, Facebook, and LinkedIn.
1 BIPOC: Black, Indigenous and People of Color
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SOURCE Elevate Capital