JPMorgan, Bank of America invest in L’ATTITUDE Ventures’ first fund

A customer walks out of the lobby of JPMorgan Chase & Co.’s headquarters. in New York, May 14, 2012. REUTERS/Eduardo Munoz/File Photo

Aug 3 (Reuters) – L’ATTITUDE Ventures closed its first institutional fund on Wednesday raising over $100 million with an anchor investment from Wall Street giant JPMorgan Chase ( JPM.N ) and seed investments from Trujillo Group and Bank of of America (BAC.N ).

The fund, which aims to invest in early-stage companies that are founded or run by Latino entrepreneurs, also had investments from Barclays ( BARC.L ), Royal Bank of Canada ( RY.TO ) and Cisco, among others.

Several major financial firms have sought to increase their diversity footprint and support minority communities since 2021 as impact investing gains momentum. Companies are becoming more conscious of supporting businesses and startups from traditionally underrepresented socio-cultural backgrounds.

“(The investment) reinforces our ongoing efforts to address the persistent gap in access to growth capital and open more doors for emerging companies led by diverse entrepreneurs,” Bank of America’s chief executive said in a statement. , Brian Moynihan.

Latin American companies, especially in the technology and financial sectors, have entered the multi-billion dollar US market. Last year, Brazilian digital lender Nubank achieved a valuation of nearly $52 billion in its market debut.

“Latino-led businesses are critical to the U.S. economy, but often lack access to capital and resources for growth,” said Jamie Dimon, JPMorgan’s chief executive.

The investment is intended to build on the largest U.S. bank’s broader commitment to support Latino entrepreneurs and small businesses in the country, Dimon added.

Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri

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