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Money News Briefs

Commitment to Racial Equality: Bank of America Invests in Elevate Capital

Elevate Capital announced a substantial investment in Fund II by Bank of America. This investment is a part of Bank of America’s $1.25 billion commitment to advance racial equality and economic opportunity. Elevate will invest this capital to enhance its efforts to support underserved minority and women entrepreneurs with early-stage funding.

“We are extremely proud to have Bank of America’s support and to be part of its commitment to increasing representation of BIPOC founded startups,” said Nitin Rai, Founder and Managing Partner of Elevate Capital. “This commitment is a major catalyst for advancing racial equity in entrepreneurship. We will help them achieve that vision through our work.”

Racial equality investment

As part of Bank of America’s broader five-year $1.25 billion racial equality and economic opportunity commitment, it will allocate a portion to support equity investments in minority and women entrepreneurs. In addition, it will provide businesses and funds to help supply growth capital., as well as invest substantially in programs to create future entrepreneurs.

“At Bank of America, we want to facilitate more equitable opportunities for underrepresented entrepreneurs. Elevate Capital has been at the forefront of advancing diverse entrepreneurial growth. Our investment will enable the fund to scale investment and help them accelerate momentum,” said Roger Hinshaw, Bank of America Oregon and Southwest Washington President. “Our hope is that this increased flow of capital creates a new generation of diverse entrepreneurs. This levels the playing field by creating more jobs and generational wealth. It can have a huge impact in the Pacific Northwest and beyond.”

In January 2021, Elevate Capital launched Fund II. To date, it raised more than $30 million of the $40 million total. Elevate Capital has announced six investments in Fund II, all of which are led by Black founders and CXOs. Fund II is being led by two institutional investors: Meyer Memorial Trust and the Oregon Growth Account.