Black Founders Matter, a Portland, Ore.-based seed-stage venture fund focused on Black and innovative founders, announced today that it will receive investment from Bank of America.
While the total investment amount was not disclosed, The BFM Fund said today that Bank of America signed on as a significant investor in the fund’s first close, and The BFM Fund has pledged to allocate Bank of America’s investment into Black founders across various verticals within the United States.
The BFM Fund first launched in 2020 and was founded by Marceau Michel and Himalaya Rao-Potlapally. Since then, the fund has co-invested with tennis star Serena Williams in New York City-based healthcare startup Hued. BFM also participated in a funding round with actress and showrunner Issa Rae in mobile game Glow Up Games, as well as invested in Olympian Allyson Felix’s shoe brand, Saysh, during the second half of 2021.
“It’s been so encouraging to see global financial institutions like Bank of America having such passion and follow through in their commitment to creating economic equity within venture capital,” Rao-Potlapally said in a statement. “When global organizations like Bank of America remain steadfast in their mission to create economic equity through capital redistribution and supporting diverse fund managers, other financial institutions, venture capital firms and potential investors will follow suit. That cannot be understated.”
Bank of America’s extensive vetting process required a comprehensive review of The BFM Fund’s legal, financial, thesis documentation and standing. The BFM Fund joins a growing roster of more than 100 BIPOC, women-owned and LGBTQ+ funds hand-selected by Bank of America since 2022.