INVEST BANK OF AMERICA AND CHLOE CAPITAL JOIN TOGETHER ON A MISSION TO FUND DIVERSE FOUNDERS.
From left to right: Jennifer Steinberg, Cara Nichols, Erica O’Brian, Myneco Ramirez, Elisa Miller-Out, Kristina Klaas, andIris Liu. (Photo credit: Jill Farrar)
FOR IMMEDIATE RELEASE
July 7, 2022
ITHACA, NY – Chloe Capital, a movement-driven venture capital firm, announces an exciting new partnership with Bank of America to advance equality and economic opportunity for women and minority-led businesses. Bank of America’s investment in Chloe Capital’s Fund I is part of the company’s commitment to increase the amount of capital available to under-represented founders and foster long-term opportunities.
By partnering with firms like Chloe Capital, Bank of America is furthering its commitment to scaling positive change and driving economic opportunity. Bank of America has dedicated $350 million to women and minority-led companies through capital investments in mission-focused venture funds, like Chloe Capital. To date, more than $300 million has been committed to 100+ minority-focused and minority-led equity funds in just over one year.
In 2021, women-led businesses in the United States received only 2.2% of venture capital funding, while the global venture capital industry had a record-shattering year, with a total of $643 billion in investments made, according to Pitchbook and Crunchbase. And yet, the data continues to show that when diverse teams have access to capital, they continue to outperform financially. Investments in firms like Chloe Capital underscore Bank of America’s ongoing efforts to address the lack of access to growth capital for minority-led businesses.
“Bank of America’s investment in Chloe Capital reinforces our ongoing efforts to address the continuous gap in access to capital and to deploy more into emerging companies led by diverse entrepreneurs,” said David Cornell, President of Bank of America Albany-Hudson Valley. “By investing in a fund managed by diverse leaders, who in turn invest in women and BIPOC-led companies, we’re collectively helping to initiate representation at all levels and we believe that Chloe Capital is well-positioned to drive real change.”
Founded by women, Chloe Capital is a seed-stage venture capital firm investing in women-led technology companies with diverse leadership teams. In alignment with Bank of America’s focus to increase growth capital for underrepresented groups, one hundred percent of Chloe Capital’s 24 portfolio companies are led by women and at least fifty percent include other underrepresented groups. The firm has built its portfolio value to over $700 million and is widely recognized as a leader in diversity and inclusion.
“This partnership will open doors for the trailblazing diverse women leaders in our portfolio and we’re thrilled to welcome Bank of America into the fund,” said Chloe Capital Co-Founder and Managing Partner, Elisa Miller-Out.
In addition to investing with a diversity lens, Chloe Capital utilizes a community approach by partnering with universities, foundations and corporations to deploy capital and create opportunities for under-represented founders and investors. The firm just wrapped its Invest In Women x Pittsburgh accelerator program, committing $300,000 to three women-founded businesses.
“We’re honored to have the opportunity to work with Bank of America to continue to fund companies and underrepresented founders,” said Kathryn Cartini, Co-founder and Partner at Chloe Capital. “Despite recent progress, women and minority-led companies still account for a very small percentage of capital raised by venture-backed firms in the U.S. We aim to change that, and we’re confident that this partnership will help us move the needle. We’re appreciative to the Bank of America representatives in the Capital Region for following our journey and recognizing our efforts to date. We’ll wear this commitment as a badge of honor to help Bank of America address the economic and racial inequality many communities face,” she added.
Bank of America’s investment amplifies Chloe Capital’s mission of doing well by doing good. Together, both organizations are rewriting the narrative for women and minority-led businesses.
Managing Partner, Chloe Capital
About Chloe Capital
Chloe Capital is a venture capital firm that invests in women-led technology companies. In addition to investing with a gender and diversity lens, Chloe Capital partners with universities, foundations and corporations to host accelerator programs that help catalyze fundraising efforts for underrepresented founders. This collaborative approach to early-stage investing has resulted in millions raised. Today, more than 20,000 people around the world have joined Chloe Capital’s Movement to #InvestInWomen. ChloeCapital.com
About Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer, and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
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