In brief: Bank of America commits to VC fund for diverse founders

Impact X Capital Partners is seeking £100m to invest in the tech, health, education and media sectors.

Bank of America, Visa Foundation, Guy’s and St Thomas’ Foundation and Atomico have committed to a venture capital fund managed by Impact X Capital Partners that invests in businesses owned by underrepresented groups, according to an announcement.

Impact X Capital Partners was founded in 2019 to invest in early stage companies founded by women and people of colour. The company’s founding members include Ursula Burns, former CEO of Xerox; comedian Lenny Henry; and Tristan Capital chairman Ric Lewis.

The firm is seeking to raise £100 million (€117 million; $126 million) for IX Global I fund. It focuses on the digital and technology, health, education and well-being, and media and entertainment sectors. The size of the commitments was not disclosed. Impact X did not respond to New Private Markets’ questions by publishing time.