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Empowering Latino Startups: Angeles Ventures Partners with Bank of America for Groundbreaking Equity Investment


Benjamin Hughes

May 16, 2024 - 21:27 pm


Angeles Ventures Receives Significant Equity Investment to Propel Hispanic and Latino Startups

CHICAGO, May 16, 2024 /PRNewswire/ -- Angeles Ventures, a pioneering venture capital fund with a focus on promoting Latino and Hispanic entrepreneurs, has taken a monumental step forward in their mission with a substantial equity investment from Bank of America. This infusion of capital is primed to solidify Angeles Ventures' objective of discovering, funding, and scaling Hispanic and Latino businesses within the United States.

Latinos make up a significant portion of the U.S. population, exceeding 20%, and stand as one of the most enterprising demographics across the nation. However, despite this entrepreneurial spirit, there has been a stark discrepancy in venture capital allocation, with Latino founders receiving less than 2% of all venture funding. Angeles Ventures is strategically positioned to close this funding gap by focusing on seed-stage, tech-enabled B2B and B2C startups that are deeply rooted in the U.S.

A Catalytic Initiative by Angeles Ventures

To date, Angeles Ventures Fund I has been instrumental in backing four innovative companies: Storybook, Linker Finance, Certiverse, and Sigo Seguros. Through these strategic investments, Angeles Ventures joins the ranks of prominent investors such as Goodwater, Chingona, Launch featuring Jason Calacanis, Hyde Park Ventures, Listen Ventures, and an array of others, often contributing to funding rounds that exceed initial targets.

Visionary Leadership Driving Change

At the helm of Angeles Ventures are the two esteemed Latino General Partners, Adela Cepeda and David Olivencia. Cepeda is an acclaimed financial leader and entrepreneur recognized for her successful exit from a prior business endeavor. Olivencia, a super angel investor with more than 28 years of experience within Fortune 100 technology firms, brings his renowned strategic insights to the table. Together, they have established the angel investing group Angeles Investors, which now touts over 260 members and has committed to over 23 investments. This network serves as the backbone for Angeles Ventures, enabling them to generate returns that exceed expectations and to catalyze investments directed towards Hispanic and Latino founders in the U.S.

The impact of these efforts has not gone unnoticed. Adela Cepeda shared her enthusiasm for welcoming an institutional investor that is in harmony with their vision, emphasizing the untapped economic potential and competitive edge represented by the U.S. Hispanic and Latino community. David Olivencia expressed gratitude for having a banking behemoth as a limited partner (LP) and underscored their ongoing commitment to raise capital and support a mission that has demonstrably driven impressive returns by investing in the fastest-growing demographic of the U.S.

Bank of America's Commitment to Diverse Entrepreneurs

Rita S. Cook, President of Bank of America in Chicago, articulated admiration for Angeles Ventures' efforts to widen access to capital for entrepreneurs from such a vital segment of the community. She articulated that she looks forward to bolstering their mission, utilizing their vast Hispanic and Latino angel investor network to source investment opportunities for the fund.

Bank of America's involvement goes beyond mere investment; their commitment involves funneling equity to women- and minority-led funds, which in turn invest in diverse entrepreneurs, spurring business growth and fostering economic opportunities within their communities. As of December 2023, the bank has committed over $550 million in equity investments to such funds, more than doubling their starting pledge of $200 million.

The Expansive AngeleSphere

Angeles Investors, launched in 2019, forms the core of the Angeles ecosystem, created to search for, fund, and expand the most promising Hispanic and Latinx startups. With over 23 investments, exceeding $7 million in combined total, and engaging roughly 300 members, it's become one of the fastest-growing U.S. angel investing networks—exclusive high achiever in championing Hispanic founders.

Building upon the success of Angeles Investors, Angeles launched Fund I in October 2023. The aim is to invest in a curated portfolio of 20-30 tech-savvy seed-stage startups with Hispanic and Latinx leadership. The fund distributes investments ranging from $100k to over $1M, taking advantage of the robust momentum and accessibility offered by the Angeles Investors network. The seasoned track records of General Partners Cepeda and Olivencia are potent catalysts in driving significant results for Hispanic and Latinx entrepreneurs.

For those seeking to delve deeper into the work of Angeles Ventures and track the progression of its Fund I, further information is accessible through their Medium blog post. Additional details, including investment strategies, success stories, and upcoming events, are available on their official website To engage with the dynamic community behind Angeles Ventures, join the conversation on LinkedIn @angelesinvestors.

It is important to highlight the rigor and precision of Angeles Ventures' approach to funding. They extend beyond financial support, offering strategic advice, mentoring, and access to an expansive network of seasoned investors and business leaders. This comprehensive ecosystem ensures that startups under their wing are given the holistic support necessary to scale rapidly and impactfully.

A Pledge for Growth and Equity

Angeles Ventures is more than a fund; it's a movement poised to correct imbalances within the venture capital landscape. The organization's ethos is rooted in fostering inclusive growth and opening doors for talented yet underrepresented founders.

This vision manifests in a multi-faceted approach where the Angeles team not only identifies companies with high growth potential but also nurtures environments in which these companies can thrive. Through a combination of investment, expertise, and community support, Angeles Ventures aims to create a more equitable and dynamic startup ecosystem.

Reinforcing the Infrastructure of Innovation

Angeles Ventures has fundamentally redefined the process of supporting startups by implementing a robust framework that facilitates entrepreneurs in maneuvering through the early stages of business development. Their infrastructure provides a solid foundation for startups, ensuring sustained progress and innovation.

The network effect of Angeles Investors' outreach cannot be understated. The collective expertise of its members resonates through every decision and investment, offering startups an unprecedented level of both financial and intellectual capital. This symbiotic relationship between investors and entrepreneurs is a testament to Angeles Ventures' unique and successful approach to venture capital.

Advocacy and Representation at the Forefront

Empowerment is at the core of Angeles Ventures' mission. They strive relentlessly to ensure that Latino and Hispanic founders are not only acknowledged but celebrated for their entrepreneurial endeavors. Through their advocacy, Angeles Ventures is actively rewriting the narrative around minority-founded startups, advocating for representation and equality in the investment community.

In the landscape of venture capital, representation matters. Ventures like Angeles are monumental in shaping a diverse and inclusive future for the business world. They enable groundbreaking ideas and innovative startups to emerge from within the Latino and Hispanic communities, highlighting the immense value and untapped potential within these groups.

Concluding with an open invitation, media contact Francisco Mariscal beckons stakeholders, potential collaborators, and the media to engage with Angeles Ventures for further insights and collaboration opportunities. Reported by Angeles Investors, this news underscores a historic moment reflecting the burgeoning spirit of inclusivity and diversification in the world of venture capital.

As the story of Angeles Ventures unfolds, their impact on the venture capital industry is anticipated to leave an indelible mark. The collective hope is that this momentous investment by Bank of America will trigger a cascading effect, inspiring more institutions to invest in funds that are dedicated to realizing the potential of minority founders. The scale of Angeles Ventures' ambition aligns with their accomplishments—a testament to their belief in the immense economic power and innovative prowess of the Hispanic and Latino community.

The Road Ahead: Progressive Change and Inclusive Prosperity

With an unyielding commitment to diversity and inclusion, Angeles Ventures continues on their path, diligently dissecting barriers, and laying down the foundations for sustainable success. The journey to shift demographics within venture capital backing is arduous, yet with strategic partners like Bank of America, the prospect of a more balanced and equitable future seems viable.

As Angeles Ventures propels forward, it stands as a beacon of hope and a driving force in the quest for equal representation in entrepreneurship. With each investment, they not only pave the way for economic progress but also foster an environment where the spirit of innovation flourishes across diverse communities.

In conclusion, the strategic synergy between Angeles Ventures and Bank of America is no mere transaction; it is a vital affirmation of faith in the noteworthy capabilities of Hispanic and Latino entrepreneurs. This alliance is a harbinger for a new era of venture capital—one that is bound to enrich the fabric of American enterprise with diversity, vigor, and transformational growth.

More information and connections to Angeles Ventures and their initiatives are available via their official website and LinkedIn profile.