©Reuters.
By Simon Jessop
LONDON (Reuters) – Diversity-focused venture capital investor Impact Bank of America.
The firm, an early backer of fast-growing insurance technology firm Marshmallow, said it will seek to invest in later-stage and Series A funding rounds in sectors including technology, media and healthcare.
“Until underrepresented entrepreneurs achieve economic parity in terms of access and allocation of capital, this work will continue to be very important,” said Paula Groves, founding partner and chief investment officer of Impact
“Persistent statistics over the past 25 years indicate that less than 4% of venture capital goes to women and less than 1% goes to Black entrepreneurs. With our other partners, Impact X plans to significantly increase these statistics.”
Other investors alongside Bank of America, which will invest in the IX Global I fund from its balance sheet, include the Visa (NYSE:) Foundation, the Guy’s and St Thomas’ Foundation and tech venture investor Atomico, the company said.
As well as several individual investors from Impact
“This historic capital allocation not only validates our track record, but also provides us with the resources to make a lasting impact on diversity-driven companies,” he said.
Bernard Mensah, president of the International Bank of America, said the investment “underscores our ongoing commitment to advance economic opportunity for diverse people and communities.”
Impact X Global I’s first investment is in UK real estate technology company iKnowa.
($1 = 0.7941 pounds)