Mendoza Ventures closes Truist Ventures' investment for its $100M Early Growth Fintech fund

Rhea-AI Summary

Mendoza Ventures (MV) announces Truist Ventures' investment in its Early Growth Fintech Fund, targeting $100M for diverse-led startups. Truist joins Bank of America and Grasshopper Bank as financial institution investors. MV also launched Mendoza Impact, a non-profit initiative to support diverse founders.

Positive

• Truist Ventures' investment validates MV's approach, fostering collaboration and positive social change. The partnership aims to drive advancements and increase inclusion in the fintech industry.

Negative

• None.

BOSTON, Nov. 8, 2023 /PRNewswire/ -- Mendoza Ventures, a female and Latinx-founded Fintech, AI, and Cybersecurity Venture Capital firm, today announced that Truist Ventures is investing in its Early Growth Fintech Fund as a limited partner. The fund is targeting $100M and will invest in early growth-stage startups with a focus on diverse teams.

Mendoza Ventures supports innovative, early-stage companies that are shaping the future of finance

 Mendoza Ventures announced its third fund in January. With this investment, Truist became the third financial institution invested in Mendoza Ventures, joining Bank of America and Grasshopper Bank.

Adrian Mendoza, General Partner at Mendoza Ventures, stated, "Our vision has always been to redefine how venture funds collaborate with financial institutions to support portfolio companies strategically. Truist Ventures' support validates our approach and empowers us to create substantial outcomes for diverse-led startups and investors alike."

This investment lays a foundation for a partnership and active collaboration between Truist Ventures and Mendoza Ventures and its portfolio companies that embraces external innovation promotes knowledge exchange and helps empower positive social change.

"Mendoza Ventures supports innovative, early-stage companies that are shaping the future of finance," said Tarun Mehta, Head of Corporate Development and Truist Ventures. "This partnership fuels our shared ambition to drive advancements and increase inclusion in the broader fintech industry."

Mendoza Ventures recently launched a new non-profit initiative called Mendoza Impact, which aims to provide early-stage diverse founders with greater access to capital and educational resources. By addressing gaps in funding and knowledge, Mendoza Impact seeks to empower a new generation of diverse entrepreneurs.

About Mendoza Ventures
Mendoza Ventures is a fintech, AI, and cybersecurity venture fund based in Boston and San Francisco. The firm is run by husband and wife Adrian and Senofer Mendoza, prior entrepreneurs and veterans of the startup ecosystem. The firm focuses on diversity playing an important role in its investment decisions. Started in 2016 with the launch of its pilot fund, the firm launched its Fund II in 2019. Mendoza Ventures is the first LatinX-owned venture fund on the East Coast. Learn more at www.mendozaventures.com

About Truist Ventures
Truist Ventures is the corporate venture capital arm of Truist Financial Corporation (NYSE: TFC). Truist Ventures delivers touch and technology to Truist clients through partnerships with and investments in innovative companies and exceptional management teams with novel solutions to help Truist shape the future of finance. Truist Ventures' investment focus includes financial technology, payments and money movement, and regtech and stretches into other adjacent, disruptive technologies. Learn more at TruistVentures.com.

Contact

Senofer Mendoza; senofer@mendoza-ventures.com; 617-505-6070

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SOURCE Mendoza Ventures

FAQ

What is the name of the Fintech Fund that Truist Ventures is investing in at Mendoza Ventures?

Truist Ventures is investing in Mendoza Ventures' Early Growth Fintech Fund.

What is the goal of the fund?

The fund is targeting $100M and will invest in early growth-stage startups with a focus on diverse teams.

What is the name of the new non-profit initiative launched by Mendoza Ventures?

Mendoza Ventures recently launched Mendoza Impact, a new non-profit initiative aimed at providing early-stage diverse founders with greater access to capital and educational resources.