Bank of America has announced its investment in the Black Founders Matter Fund (BFM Fund), a seed-stage venture fund focused on Black and innovative founders in the United States.

The BFM Fund, led by a full women of color leadership team, aims to allocate Bank of America’s investment into Black founders across various verticals within the US. With the BFM Fund’s current portfolio including start-ups from Serena Williams, Allyson Felix, and HBO’s ‘Insecure’, the investment from Bank of America will support Black entrepreneurs and innovators to advance economic equity across multiple industries.

Bank of America has invested in the Black Founders Matter Fund (BFM), a seed-stage venture fund based in Portland, Oregon, and Virginia, that focuses on Black and innovative founders to advance economic equity across various verticals within the United States. The BFM Fund’s portfolio includes Saysh, Allyson Felix’s footwear and apparel brand, Hued, a healthcare startup in partnership with Serena Williams, and Glow Up Games, a mobile-game companion to HBO’s hit television series, “Insecure.” While the total investment amount is not disclosed, Bank of America became a significant investor in the BFM Fund’s first close.

According to the BFM Fund, the investment will support their mission to provide seed-stage capital for Black founders who create startups based in the United States.

They aim to help the companies grow between the Series Seed and Series A life-stage. Beyond capital, the BFM Fund partners with industry-specific lead firms in the Series Seed to Series C stage to help its portfolio companies scale efficiently.

“I’ve been so energized to work with such an outstanding team at Bank of America over the last few months,” said BFM Fund’s Managing Director, Himalaya Rao-Potlapally.

“It’s been so encouraging to see global financial institutions like Bank of America having such passion and follow through in their commitment to creating economic equity within venture capital. I’m excited to see other financial institutions take Bank of America’s lead in supporting the next generation of diverse fund managers, who are more representative of the broad spectrum of startup founders that exist. When global organizations like Bank of America remain steadfast in their mission to create economic equity through capital redistribution and supporting diverse fund managers, other financial institutions, venture capital firms and potential investors will follow suit. That cannot be understated.”

The BFM Fund is led by a full women of color leadership team, including Managing Director Himalaya Rao-Potlapally, Senior Associate Dashaun Robinson, and Finance Director Samantha Clark. The team focuses on Black founders and their innovative ideas to make an impact in different industries.

“We want to see more Black and diverse fund managers who can invest in founders who are underrepresented in the venture capital industry,” Rao-Potlapally said in a recent interview. “We need more managers who understand the needs of Black founders and can provide them with the necessary resources, such as mentoring, networking, and capital, to help them succeed.”

The BFM Fund’s investment approach aligns with Bank of America’s commitment to supporting diverse fund managers and underrepresented entrepreneurs.

Bank of America Oregon and Southwest President Roger Hinshaw said, “By providing growth capital and support to diverse entrepreneurs, The BFM Fund will open new doors to greater economic growth and wealth creation within an underserved segment of the economy.”

The BFM Fund is one of more than 100 BIPOC (Black, Indigenous, and People of Color), women-owned, and LGBTQ+ funds hand-selected by Bank of America since 2022. These investments reflect Bank of America’s efforts to increase access to capital and support for diverse fund managers and entrepreneurs.

“Funder representation is a critical piece to facilitating systemic change in capital allocation,” stated Rao-Potlapally. “We’re here to do the work that needs to be done, and we’re grateful for Bank of America’s belief, support, and commitment to creating more equitable outcomes.”

Bank of America’s investment in the BFM Fund shows that it remains steadfast in its commitment to creating economic equity through capital redistribution and supporting diverse fund managers. This investment also sets an example for other financial institutions, venture capital firms, and potential investors to follow suit.

The Black Founders Matter Fund has a long-term plan to fund and nurture startups founded by Black entrepreneurs in the United States.

The company aims to create economic equity for people of color by increasing diversity in the startup ecosystem. The company’s efforts come at a time when venture capital funds and Silicon Valley continue to lag in diversity and equity. The BFM Fund has a clear mission to focus on Black and innovative founders in seed-stage ventures in multiple verticals and industries between the Series Seed and Series A life-stage.

The BFM Fund’s leadership team is composed entirely of women of color, and the company has already achieved significant success.

The BFM Fund has several companies in its current portfolio, including Saysh, Allyson Felix’s footwear and apparel brand; Hued, a healthcare startup in partnership with Serena Williams; and Glow Up Games, a mobile-game companion to HBO’s hit television series “Insecure.” The company is determined to allocate Bank of America’s investment into Black founders across various verticals within the United States.

The partnership with Bank of America represents a significant milestone for The BFM Fund.

It received an equity investment from Bank of America to help Black entrepreneurs and innovators gain access to capital and funding opportunities. The investment is part of Bank of America’s commitment to promoting economic equity and creating opportunities for minority-owned and led businesses, entrepreneurs, and innovators.

According to Roger Hinshaw, Bank of America Oregon and Southwest President, “By providing growth capital and support to diverse entrepreneurs, The BFM Fund will open new doors to greater economic growth and wealth creation within an underserved segment of the economy.” Hinshaw’s statement highlights Bank of America’s commitment to fostering economic equity for underrepresented groups in the United States.

Himalaya Rao-Potlapally, the Managing Director of The BFM Fund, emphasized the importance of global financial institutions like Bank of America having passion and follow-through in their commitment to creating economic equity within venture capital. Rao-Potlapally believes that Bank of America’s leadership will inspire other financial institutions to support diverse fund managers who are representative of the broad spectrum of startup founders.

Bank of America’s equity investment in The BFM Fund underpins the company’s commitment to scaling positive change and driving economic opportunity by addressing funding gaps for minority-owned and led businesses, entrepreneurs, and innovators. The BFM Fund joins an impressive and growing roster of more than 100 BIPOC, women-owned, and LGBTQ+ funds hand-selected by Bank of America since 2022.

The BFM Fund’s long-term mission is to create a more diverse and inclusive startup ecosystem in the United States.

The company partners with industry-specific lead firms in the Series Seed to Series C stage to help its portfolio companies scale efficiently. The BFM Fund’s focus on Black and innovative founders is a critical piece to facilitating systemic change in capital allocation, which is essential to creating more equitable outcomes in the startup ecosystem.

In conclusion, the partnership between The BFM Fund and Bank of America represents a significant milestone for the economic equity of underrepresented groups in the United States.

The BFM Fund’s leadership team, composed entirely of women of color, is committed to creating a more diverse and inclusive startup ecosystem in the United States. The partnership with Bank of America will help Black entrepreneurs and innovators gain access to capital and funding opportunities. Bank of America’s investment in The BFM Fund underpins its commitment to scaling positive change and driving economic opportunity by addressing funding gaps for minority-owned and led businesses, entrepreneurs, and innovators.