Charlotte-based Truist Financial Corp.’s (NYSE: TFC) venture capital arm is backing a female- and Latinx-founded VC firm. Truist Ventures is investing in Mendoza Ventures’ early growth fintech fund as a limited partner.
It joins Bank of America Corp. (NYSE: BAC) and Grasshopper Bank as investors in Mendoza Ventures’ third fund, which launched in January with a target of $100 million. The fund aims to invest in early growth-stage startups with a focus on diversity. It is expected to close next year, said Senofer Mendoza, co-founder and general partner at Mendoza Ventures.
