L’Attitude Ventures, a fund aimed solely at investing in Latino-owned companies, has closed its first institutional fund raising over $100m.
The fund was backed by JPMorgan Chase and initial investments from Trujillo Group and Bank of America. Also taking part in the round were Barclays, Royal Bank of Canada, Cisco Investments through its Aspire Fund, Morgan Stanley, Churchill and Mass Mutual amongst others.
L’Attitude Ventures claims it is a purpose-driven venture capital firm on a mission to transform the VC ecosystem for the ‘new mainstream economy’ driven by the Latina(o) growth cohort.
The firm said it provides several layers of assistance to US Latina(o)-owned firms, with the first being creating visibility for those companies in which it has invested. The second layer is derived through mentoring, with the firm providing global operating and leadership experience. The third is with connections.
L’Attitude Ventures founder and general partner Sol Trujillo said, “I commend the institutions who came in—and stepped up first. This $100 million fund, backed by some of the biggest financial names, represents an opening salvo for what should become an investment boom directed toward this sector of early-stage companies that are either founded or run by Latina(o) entrepreneurs and that have significant potential. These are the smart investors who know it’s time to stop merely giving speeches and begin investing in this crucial Latina and Latino growth cohort, which is so essential to our economy.
“Investing in these entrepreneurs, who have not traditionally had equal access to capital funding, provides investors entrée into the companies that are shaping what we describe as ‘The New Mainstream Economy. Latina(o)-owned companies enjoy a built-in relationship with a rising generation of young U.S. Latino consumers; investing in their early growth promises strong returns on investment for the next 30-40 years at a minimum.
“What we are doing here isn’t just ensuring the success of Latin(a)o-owned businesses. This is a smart economic strategy that we know will absolutely help the U.S. economy remain competitive not only now but for the rest of this century, while creating wealth for a broader base of Americans.”
Jamie Dimon – chairman and CEO of JPMorgan Chase – added, “Latino-led businesses are critical to the U.S. economy but often lack access to capital and resources for growth. Our investment in L’ATTITUDE Ventures builds on our broader commitment to support U.S. Latino entrepreneurs and small businesses across the country.”
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