Orrick Advises PayPal in $50 Million Investment in Black and Latinx-Led VC Funds

November.04.2020

We are honored to collaborate with longtime client PayPal in the first investment announced under its program to invest $530 million to support Black-owned businesses, strengthen underrepresented minority communities and fight for racial equity and economic equality.

Acting as pro bono legal adviser, we counseled PayPal on its $50 million investment in eight early-stage, Black and Latinx-led venture capital funds: Chingona Ventures; Fearless Fund; Harlem Capital; Precursor Ventures; Slauson & Co.; VamosVentures; Zeal Capital Partners; and one additional fund that has yet to be named. “So little venture money goes into minority communities,” Dan Schulman, PayPal’s CEO, told the New York Times. “This is a way to think about how we start to create wealth creation.”

Led by Jeannie Shin and Dolph Hellman, the Orrick team advising PayPal on these investments included Steven Barnett, Perry Teicher, Yong-Nam Jun, Eric Wall and Sean Carfi.