As local startup CEO Mandy Price wrote, if you want to invest in underrepresented communities, “See us, don’t turn away from us, and fund us.”
With more companies looking to put dollars behind initiatives to create a more diverse, equitable and inclusive workplace and society, banking giant Capital One is partnering with Dallas VC firm Impact Ventures and Paul Quinn College to help drive more inclusion and representation in the local tech and startup scene.
“Through our commitments, we strive to elevate the discussion on racial justice, drive positive change and create a more vibrant community for all,” said Tiffany Cason, Capital One Dallas market president, in a statement.
Through the partnership, the newly launched $200 million, five-year Capital One Impact Initiative and the organizations are hoping to identify and invest in underrepresented entrepreneurs.
Part of that funding will be used to give a boost to Impact Ventures’ upcoming IV Accelerator cohorts, with Capital One providing technical assistance, mentorship and access to capital services to the fall 2020 and spring 2021 12-week accelerator programs. Capital One will also sponsor hackathons with Impact Ventures that focus on addressing racial and societal issues.
“With the generous support of Capital One and its commitment to racial justice, we are able to provide sustainability and growth opportunities to Black and minority-owned startups and small businesses who have been hit the hardest by our current crisis,” said Benjamin Vann, founder and CEO at Impact Ventures, in a statement. “We are able to take intentional steps toward creating a more equitable and diverse economy where access, opportunity, and prosperity is shared for all.”
Another part of Capital One’s investment involves supporting the creation of local HBCU Paul Quinn College’s PQCx program, which provides credential certification courses to racially underrepresented workers without the need to take out student loans.
“PQCx is a special program that we expect will change the landscape of higher education,” said Michael Sorrell, president at Paul Quinn College, in a statement.
In addition to the Capital One Impact Initiative, which will also focus on other communities around the country, Capital One has launched a number of other efforts to fund underrepresented founders. In June, the company pledged to commit $10 million in matching donations to organizations in the U.S., Canada and UK that are fighting for racial and social justice in their communities. That move added on to a previous $50 million commitment to invest in businesses and communities impacted by the pandemic.
“With the COVID-19 pandemic and a heightened awakening on issues of racial injustice, we continue to embrace the idea that by advancing the economic and social opportunities in the communities we serve, we can help people thrive,” said Andy Navarrete, executive VP and head of external affairs at Capital One, in a statement.
