Orrick-Led PayPal Invests $50M In Black, Latinx-Led VC Funds

Law360 (October 28, 2020, 10:57 PM EDT) -- Online payment platform PayPal, working with Orrick Herrington & Sutcliffe LLP, announced Wednesday that it has invested $50 million in eight Black- and Latinx-led venture capital firms as part of its pledge to devote $530 million to supporting underrepresented communities and promoting racial equity.

PayPal Holdings Inc. revealed its investments in Chingona Ventures, Fearless Fund, Harlem Capital, Precursor Ventures, Slauson & Co., VamosVentures, Zeal Capital Partners and an unnamed company as the financial services industry has reckoned with its role in sustaining racial and economic inequity.

The last fund's name wasn't disclosed because it's currently fundraising and is required by regulators...

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