L’Attitude Ventures Launches $100M Fund To Support Latino Founders
California-based VC firm, L’Attitude, has launched its new fund to support early-stage Latino founders.
The investment firm raised $100 million from big-name investors, including Bank of America, Trujillo Group, Barclays, Cisco, Royal Bank of Canada, and a “strategic anchor investment” from JPMorgan Chase.
According to the outlet, Latino business owners have grown 34% over the last decade. Yet, despite this, 72% of Latino entrepreneurs face funding shortfalls, with a large majority relying on personal savings, and only 1.8% are venture-backed.
L’Attitude, founded in 2019 by Kennie Blanco and Sol Trujillo, is a ‘purpose-driven’ venture capital firm on a mission to catalyze the most entrepreneurial yet undercapitalized cohort in the US by investing in businesses led by Latinos. By investing in Latino-owned companies, the firm enables those entrepreneurs and companies to reach their full potential while unlocking revenue growth in the US.
“We’re trying to open the floodgates of capital into this very important growth cohort,” said co-founder Kennie Blanco in an interview with dot.LA.
“I’m excited about having this platform where founders can come and truly feel comfortable about learning and understanding what it takes to have a venture-backed business,” said Laura Moreno Lucas, partner at L’Attitude.
“Even if we think we might not invest, we’re here as a resource to help Latino founders understand what it takes to grow, scale, and receive venture capital.”
L’Attitude’s new fund aims to change these statistics by dedicating its investment fund to supporting unrepresented and undervalued Latino founders and innovators. In addition, the fund will support seed to Series A companies with “high growth potential.”
On average, L’Attitude aims to invest up to $1 million in 20 startups, and the Latino founder will be required to own a minimum of 25% of the company.
L’Attitude has already invested $21 million in 22 companies, including Camino Financial, a Los Angeles-based AI-powered lending platform; Reel, a Santa Monica-based debt-free shopping platform and Encantos Media, a Culver City-based Web3 learning platform for kids.