Lowenstein Sandler represented Kapor Center, a venture capital firm that invests in industry-transforming startups, as co-lead investor in a $80 million financing round for Bitwise Industries. Motley Fool was co-lead investor, and the Growth Equity business within Goldman Sachs Asset Management and Citibank also participated.
Kapor Center aims to redefine what venture capital is capable of by prioritizing a new outcome: a more fair, just, and equitable society for low-income communities and underrepresented communities of color.
Bitwise Industries is a technology company, creating scalable digital solutions, offering services in Salesforce, DocuSign, and Digital Product Development. The new influx of capital will allow Bitwise Industries to continue its work creating spaces that unite communities, while spurring economic and business growth in underserved communities.
Bitwise Industries has helped support the creation of over 15,000 jobs in just one of its cities. This accounts for over a-quarter-of-a-billion-dollars in aggregated wages, mostly going to women and people of color, and the growth of the city’s GDP by over 1% per year. Bitwise Industries has also renovated over 1M square feet in previously vacant, blighted spaces within underserved downtown areas across the country, creating vibrant spaces for innovation and commerce.
The investment from Goldman Sachs Asset Management is part of the firm’s One Million Black Women initiative, which seeks to help narrow opportunity gaps facing Black women across key pillars including, Job Creation and Workforce Advancement.
The Lowenstein team included Anthony P. Raymundo, Ed Zimmerman, Kristin V. Taylor, Raquel Smith, Latoya Bethune, and Jessica Billeter.