US-based venture capital firm SV Latam Capital (SVLC) closed its second fund at $22m on Wednesday with commitments from limited partners including digital payment processor PayPal.
Other limited partners for Fund II include wealth management firm Investment Placement Group, The Julian Grace Foundation and private investors Crystal Sacca and Chris Sacca as well as an undisclosed bank.
SV Latam typically invests in technology and science-based startups, with a focus on companies addressing societal challenges such as financial inclusion, climate change and healthcare. The fund was one of 19 to receive a commitment from PayPal as part of the latter’s $535m initiative to support black and minority-owned businesses in the US.
Consuelo Valverde, founder and managing partner of SVLC, said: “We are honoured to have PayPal as an investor in SVLC’s Fund II. As one of the first Latinas to found an early-stage venture capital firm in Silicon Valley with top-performing financial returns, I appreciate the trust and support that PayPal has vested in us.”