Truist invests in Mendoza Venture's $100 million early-growth fintech fund
Mendoza Ventures, a female and Latinx-founded Fintech, AI, and Cybersecurity Venture Capital firm, has announced that Truist Ventures is investing in its Early Growth Fintech Fund as a limited partner.
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The fund is targeting $100M and will invest in early growth-stage startups with a focus on diverse teams.
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.