August 12, 2022

Backstage Capital Announces Bank of America As Its Latest Investor

Backstage Capital, one of the first venture capital firms to pave the way for hundreds of underrepresented founders, has announced Bank of America as the latest investor in its Opportunity Fund I

The investment firm, founded by Arlan Hamilton, has been investing in underestimated founders since 2015. As a result, the platform has one of the largest portfolios of underrepresented founders in venture capital. Their portfolio comprises 200 companies led by women, people of color, and LGBTQ+ founders. 

According to a press release, Bank of America recently announced that it had increased its $1 billion, four-year commitment to advance racial equality and economic opportunity. The company has invested more than $300 million in hundreds of minority-focused and minority-led equity funds in just over a year. Their recent investment in Backstage Capital marks their commitment to supporting minority and women-led companies.

“Bank of America’s investment into Backstage Capital underscores our ongoing efforts to address the persistent gap of access to the innovative founders and entrepreneurs who identify as women, people of color, or LGBTQ+,” said Sameer Malhotra director of Global Principal Investments, Bank of America. 

“Backstage Capital is well positioned to be a catalyst for minority entrepreneurs to launch and scale their business ideas. Backstage Capital’s existing portfolio of funded firms is already impressive, and we look for many more success stories to come through our investment.”

Opportunity Fund I focuses on funding small, early-stage companies led by underestimated founders. The firm will allocate investments from the fund to companies outside Backstage’s current portfolio.

“We are thrilled that Bank of America is a core investor in our newest, largest fund,” said Arlan Hamilton, founder and managing partner of Backstage Capital. 

“Bank of America’s leadership and confidence in our fund strategy and firm is a strong signal that we’re confident other institutional organizations will pick up on and follow. This Capital will directly impact the innovative, world-class founders we fund. We look forward to continuing to make the tech ecosystem more equitable while aiming to deliver attractive returns.” 

Kumba Kpakima

Kumba Kpakima is a reporter at POCIT. A documentary about the knife crime epidemic in the UK got her a nomination for the UK's #30toWatch Young Journalists of the Year.