PowerUp Fund Announces First Investments into Latinx-owned Enterprises
This Commitment Follows Plans to Invest $60 million in Latinx-owned Founders – $1 for each Latino in the U.S.
Oakland, CA — Today, Hispanics in Philanthropy’s PowerUp Fund is excited to announce the very first equity investments made to Latinx-owned and led startups Shop Latinx and Airpals. With the support of Impact Assets, these premiere investments build towards the PowerUp Fund’s goal to raise $60 million – $1 for every Latino in the United States. They also mark the evolution of $3 million of COVID-related cash assistance and technical assistance programs to a more robust set of offerings for Latinx founders.
Shop Latinx is the world’s leading Latinx marketplace for lifestyle products in the beauty, home, and fashion categories. They provide Latinx consumers with modern products designed for them, brand discovery, digital content, and a sense of pride for who they are.
Airpals is a B2B same-city courier for in-house parcels powered by logistics automation. Based in Brooklyn, New York, they are on a mission to deliver technology capable of maximizing human potential on both sides of the logistics chain.
“The pandemic taught us the importance of being nimble with our strategy, but steadfast to our vision of building Latinx power. Of course, our support to businesses in recovery from the pandemic continues as we start to invest in growing Latinx businesses. Our business community has expressed a need for more than just capital, we need to pair it with coaching, technical assistance, and advocacy to change the systems that hold us back from achieving equity” said Ana Marie Argilagos, President & CEO of Hispanics in Philanthropy.
To date, the PowerUp Fund has impacted over 500 Latinx small business owners and startup founders from California, Florida, Texas, and New York, with the support of partners like Google.org, the Rockefeller Foundation, and Ureeka. The critical cash assistance, paired with technical assistance, coaching, mentorship, and capacity building has supported Latinx-led small businesses facing the harsh realities of the pandemic.
The PowerUp Fund looks forward to future investments to be made, including at HIP’s 2021 annual leadership conference where the Tiburón Tank pitch competition is set to take place on Tuesday, September 14, 2021. To learn more about the PowerUp Fund, the Latinx founders, and partnership opportunities, please reach out to Erick Guajardo, Senior Associate for the PowerUp Fund at email@example.com.