Bitwise Industries announces launch of BW Capital
May 3—This week, Bitwise Industries announced the launch of BW Capital, an investment firm, and their first fund. Investors include Bank of America, The Central Valley Community Foundation and others.
The inaugural fund will be directly invested into underserved, underestimated founders and entrepreneurs within Central California to provide them with pre-seed financial support. Investments will focus on Opportunity Zones where these entrepreneurs and their companies will be supported and guided to either Initial Public Offering (IPO) or acquisition.
"We set out to raise this fund to directly impact entrepreneurs who don't have access to traditional startup capital," said Trevor Thomas-Uribe, General Partner, Bitwise Capital. "We want to support companies not located in major tech hubs. The kinds of companies that are underrepresented in most Venture Capital (VC) portfolios, yet have the drive and talent to create innovative products. By helping them get to the next level, Bitwise Capital will also promote job creation in these regions, driving economic growth."
Bitwise Capital is managed by a team of professionals with a track record of successfully backing, and growing startup companies to profitability.
Combined, the partners have decades of experience, with over 30 investments with 12 successful exits. These investments have generated over $500 million and created over 4,000 jobs, according to a release from Bitwise.
"Bank of America's investment into Bitwise Capital underscores our ongoing efforts to address the persistent gap in access to growth capital for minority—led businesses." said Mark Riley, president, Bank of America Fresno. "Being based in the ethnically—diverse Central Valley, Bitwise is well positioned to help more minority entrepreneurs scale their business ideas, which will
ultimately spur job growth and increase economic opportunities across the region."
This funding will allow Bitwise Capital to invest in companies and as a result, new high-growth, high-wage jobs may become available to members of the communities that these investments will be focused on, according to the release. The initial fund will be primarily used to support Bitwise Industries, located at 700 Van Ness Ave. Fresno.
Visit www.bitwiseindustries.com for more information.
