Mendoza Ventures, a Boston, MA- and San Francisco, CA-based female and Latinx-founded venture capital firm, today announced that Truist Ventures is investing in its Early Growth Fintech Fund as a limited partner.
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 Ventures, the corporate venture capital arm of Truist Financial Corporation (NYSE: TFC), became the third financial institution invested in Mendoza Ventures, joining Bank of America and Grasshopper Bank.
Run by husband and wife Adrian and Senofer Mendoza, Mendoza Ventures is a fintech, AI, and cybersecurity venture capital firm that focuses on diversity playing an important role in its investment decisions. Started in 2016 with the launch of its pilot fund, the firm launched its Fund II in 2019.
Mendoza Ventures recently launched a new non-profit initiative called Mendoza Impact, which aims to provide early-stage diverse founders with access to capital and educational resources.
Truist Ventures’ investment focus includes financial technology, payments and money movement, and regtech and stretches into other adjacent, disruptive technologies.