“For too long, Black, Latinx, and female founders have been underrepresented in venture capital funding,” said Trish Mosconi, EVP, Chief Strategy Officer and Corporate Development at Synchrony. “Together we must take collective action to help close the venture funding gap and provide equal access to capital for diverse entrepreneurs and underserved communities.”
According to Crunchbase, only three percent of investment funding is received by female founders, a statistic that has not changed in a decade. Since 2015, over $15 billion has been raised by Black and Latinx founders in the U.S., representing 2.4 percent of total U.S. venture capital raised during this time, per another Crunchbase study. Meanwhile, a Deloitte study shows 65% of investment firms reported having no female partners and 93% of firms reported having no Black partners in 2020.
Synchrony’s ventures team, now led by Jeff Lamour, focuses on early-stage founders driving innovation in markets and sectors aligned with the company’s growth strategy, mission and values. Lamour will continue to develop this strategy and promote equity in the investment community. Synchrony will collaborate with the funds to further support the growth and success of their portfolio, including investing additional growth capital to minority entrepreneurs focused on disrupting fintech, commerce and healthcare.
The initial three funds have investing strategies that align with Synchrony’s business priorities and commitment…
