April 2, 2024

Bank Of America Joins Forces With Fund For Underrepresented People In Tech

Bernard Mensch

According to Reuters, Bank of America (BoA) has announced an investment in Impact X Capital Partners’ IX Global I fund.

The initiative aims to nurture underrepresented innovators, particularly women and founders of color, in sectors like digital technology.

Impact X Capital Partners IX Global I Fund

Impact X Capital Partners, established in 2019 and headquartered in London, blends financial returns with social impact. 

The venture capital firm is dedicated to addressing the disparity in capital access for diverse UK and European entrepreneurs.

Impact X has several notable founding members, such as Ursula Burns, former CEO of Xerox and the first Black woman to lead a Fortune 500 company.

The fund will address access to capital inefficiency by investing in founders and startups across the UK and Europe, which women and entrepreneurs of color lead.

Bank Of America Invests

The firm’s recent announcement of BoA’s investment in its XI Global I fund highlights the commitment of both organizations to support underrepresented entrepreneurs in Europe.

“Bank of America’s investment in Impact X’s IX Global I fund underscores our ongoing commitment to advance economic opportunity for diverse people and communities,” said Bernard Mensah, President of International, Bank of America, according to TechEU.

“We look forward to working with Impact X to create long-term shareholder value and a more equitable and sustainable future for all.”

BoA is joined by the Visa Foundation, Guy’s and St Thomas’ Foundation, and Atomico to invest in the fund.

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.