Consumer financial services company Synchrony announced commitments of $15 million to venture capital funds led by Black, Latinx, and female investing partners. The company stated that the announcement builds on Synchrony’s commitment to support minority and women entrepreneurs and underrepresented communities, while also advancing Synchrony Ventures’ direct investment strategy to accelerate growth and innovation for Synchrony, its partners, and consumers.
The company identified the first three funds to receive money under the new initiative, including Chingona Ventures, which focuses on technology around financial services, women, and food, as well as health and wellness, the future of learning and the future of work; Seae Ventures, a healthcare-focused fund with the goal of better balancing the needs of patients, providers, and payers by investing in diverse entrepreneurs with high growth potential, and; Zeal Capital Partners, which partners with diverse management teams building early stage businesses bridging America’s Wealth & Skills gap. Synchrony expects to announce additional VC funds as part of the $15 million commitment later this year.
Synchrony stated that it 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.
Trish Mosconi, EVP, Chief Strategy Officer and Corporate Development at Synchrony, said:
“For too long, Black, Latinx, and female founders have been underrepresented in venture capital funding. 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.”