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.