Minority Majority 026: Latino VC Fund Secures Major Investment, Rising Latino Filmmaker Program, and Combating Misinformation

INTRODUCTION
¡Saludos! Happy Friday and welcome to the 26th edition of the Minority Majority newsletter.

This week, we highlight the significant achievements of Angeles Ventures, which recently secured an equity investment from Bank of America to support Latino startups. We explore how Latino communities are using personal credibility to fight misinformation and highlight a film mentorship program by mitú and Walmart for Latino filmmakers.

So, grab your afternoon cafecito, settle in, and if you enjoy, please forward the newsletter to friends or share it on social media! ☕️

BUSINESS
Fueling Latino Innovation: Angeles Ventures Secures Major Investment from Bank of America

This week we celebrate Angeles Ventures, an early-stage Latino and woman-led VC fund that recently announced a significant equity investment from Bank of America. This infusion of capital will accelerate Angeles Ventures' mission to identify, fund, and nurture Hispanic and Latino ventures across the United States.

Despite Latinos making up over 20% of the U.S. population and being the most entrepreneurial demographic, they receive less than 2% of venture capital funding. Angeles Ventures is determined to bridge this gap. Focused on tech-enabled B2B and B2C startups, the fund has already invested in four promising companies: Storybook, Linker Finance, Certiverse, and Sigo Seguros.

Co-led by Adela Cepeda and David Olivencia, Angeles Ventures brings a wealth of experience and a strong track record. Adela Cepeda is an acclaimed financial expert and businesswoman who successfully exited her prior venture, while David Olivencia, is a prominent angel investor and senior executive with over 28 years of experience in Fortune 100 tech companies.

Leveraging their background, they built a network of angel investors with over 260 members called ‘Angeles Investors’ where they have made 23 investments, which has been pivotal in driving the success of their VC fund, Angeles Ventures.

In a recent press release Adela Cepeda expressed "We're delighted to bring on an institutional investor that is aligned to our mission. The U.S. Hispanic and Latino community is greater than those of India or Brazil and represents a sleeping giant of economic might and alpha." David Olivencia added, "We are honored to have one of the world's largest banks as an LP. We will continue to raise capital to further support our mission that has a track-record of driving outsized returns by investing in the fastest-growing demographic of the U.S.”

Rita S. Cook, president of Bank of America Chicago, expressed her support: "We are inspired by the work of Angeles Ventures to broaden access to capital to entrepreneurs from such an important segment of our community," and "We look forward to supporting their mission as they leverage their vast network of Hispanic and Latino angel investors to source pipeline for the fund.”

Bank of America's investment is part of its broader commitment to funding women- and minority-led funds, having pledged over $550 million to such initiatives. This partnership with Angeles Ventures is a significant step toward empowering Hispanic and Latino entrepreneurs and driving economic growth in our community.

CULTURA
Walmart X mitú Empower Rising Latino Filmmakers with Mentorship Program

In a powerful collaboration aimed at elevating Latino voices in the film industry, "One Day at a Time" star Justina Machado and "SNL" director, producer, and writer Oz Rodriguez will mentor emerging Latino filmmakers through mitú and Walmart’s filmmaker mentorship program. This marks the second installment of the program, now expanded with a new partnership with the Latino Film Institute (LFI).

Under this partnership, selected filmmakers will have the unique opportunity to screen their short films at the prestigious 2024 Los Angeles Latino International Film Festival (LALIFF) on Friday, May 31. This year’s program adopts an accelerated 11-week mentorship format, offering participants comprehensive access to mitú Studios in Los Angeles. Additionally, filmmakers will receive resources to fund and produce their 5-10 minute short films, as well as a $10,000 stipend for future projects.

Beyond the Los Angeles showcase, Walmart will fly the filmmakers to the Bentonville Film Festival in Arkansas, chaired by Geena Davis, for another screening of their works. The selected filmmakers include Matthew Serrano ("Pick One"), Kaila Gutierrez ("Nana Carmen"), Sofia Ayerdi ("Aguamadre"), and Manuel Villarreal ("El Colibrí").

mitú and Walmart’s mentorship program was recently honored with a Shorty Awards silver recognition for its impactful multicultural community engagement. "The mitú x Walmart Filmmaker Mentorship Program not only enriches the talent pipeline but also ensures a diverse range of voices in media, significantly bolstering the Latino community’s presence in Hollywood and driving substantial economic growth," said mitú chief revenue officer Joe Bernard.

It’s exciting to see a major corporation like Walmart collaborate with a powerful Latino media company like mitú, driving forward the representation and success of Latino filmmakers in the industry.

IMPACTO
How Latinos Are Organizing to Combat Misinformation During an Election Year

In a significant effort to combat misinformation, Latino communities in South Florida are leveraging personal credibility and trusted relationships to address and correct online rumors. This grassroots approach is especially crucial as we approach the election season, where accurate information is vital.

Latinos are harnessing the power of personal connections on platforms like WhatsApp and Telegram to debunk false information. Community leaders like Evelyn Pérez-Verdía from the organization We Are Más, along with 25 local messengers, are playing a pivotal role. These messengers, who range from respected figures to local friendly faces engage with their communities to correct misinformation.

The program operates by listening to community concerns and providing factual information in a relatable and empathetic manner. For example, when misinformation about COVID-19 vaccines surfaced, messengers acknowledged the fears but clarified the science behind vaccine ingredients.

This initiative is particularly important because Latino communities are often underserved by mainstream media when it comes to correcting misinformation. Many traditional news outlets do not provide sufficient coverage or resources in Spanish, making it harder for Latinos to access accurate information. This gap is exacerbated by the prevalence of misinformation on social media platforms, which can quickly spread unverified claims.

By focusing on personal credibility and emotional resonance, Latino leaders are effectively countering the spread of falsehoods. This approach not only combats misinformation but also empowers communities, ensuring that accurate and reliable information prevails, especially during such a critical election year. Investing in community-level efforts like these can significantly bolster the fight against misinformation and support informed decision-making within underserved Latino populations.

Read the full article here: What’s the best way to fight viral disinformation? Look to South Florida.

EN LA COCINA

How to Make: Peruvian Lomo Saltado

Discover the rich flavors of Peru with this classic Lomo Saltado recipe, a savory stir-fry that combines tender beef, vibrant vegetables, and crispy fries.

Ingredients:

• 1 lb (450g) beef sirloin, cut into thin strips

• 2 tablespoons soy sauce

• 1 tablespoon red wine vinegar

• 1 tablespoon vegetable oil

• 1 large red onion, cut into thick slices

• 2 large tomatoes, cut into wedges

• 1 large yellow pepper (or aji amarillo if available), cut into thin strips

• 2 cloves garlic, minced

• 1 teaspoon ground cumin

• 1 teaspoon paprika

• Salt and pepper to taste

• 1/4 cup beef broth

• 2 tablespoons fresh cilantro, chopped

• 1 tablespoon fresh parsley, chopped

• 1/2 cup fresh cilantro, chopped (for garnish)

• 1 large potato, cut into thin fries

• Vegetable oil for frying

Instructions:

1. Marinate the Beef:

   • In a bowl, mix the beef strips with soy sauce, red wine vinegar, salt, and pepper. Let it marinate for about 15-20 minutes.

2. Prepare the Fries:

   • Heat vegetable oil in a deep pan or fryer to 350°F (175°C).

   • Fry the potato strips until golden and crispy. Drain on paper towels and set aside.

3. Cook the Beef:

   • In a large skillet or wok, heat 1 tablespoon of vegetable oil over high heat.

   • Add the marinated beef and cook for about 2-3 minutes until browned. Remove from the skillet and set aside.

4. Cook the Vegetables:

   • In the same skillet, add a bit more oil if needed and sauté the garlic until fragrant.

   • Add the red onion and yellow pepper, cooking until the onion is translucent.

   • Stir in the ground cumin and paprika.

5. Combine and Simmer:

   • Return the beef to the skillet.

   • Add the tomato wedges and beef broth. Cook for another 2-3 minutes, allowing the flavors to meld and the tomatoes to soften slightly.

6. Finish the Dish:

   • Stir in the fresh cilantro and parsley.

   • Adjust seasoning with salt and pepper to taste.

7. Serve:

   • Arrange the crispy fries on a serving plate.

   • Spoon the beef and vegetable mixture over the fries.

   • Garnish with additional chopped cilantro.

Enjoy this delicious Peruvian dish with a side of white rice for a satisfying and authentic culinary experience.

NUESTRO TRIVIA: Last Week’s Answer

Last week, we asked: Who is the famous Chilean poet who won the Nobel Prize in Literature in 1971?

The correct answer is: Pablo Neruda

The famous Chilean poet who won the Nobel Prize in Literature in 1971 is Pablo Neruda. Born as Ricardo Eliécer Neftalí Reyes Basoalto, he is considered one of the greatest poets of the 20th century.

Neruda's work spans a wide range of styles, from passionate love poems to politically charged verses. His notable works include "Twenty Love Poems and a Song of Despair" and "Canto General."

The Nobel Committee recognized him for his extraordinary talent and contributions to literature, particularly for his poetry that brought the essence of Latin America to life.

NUESTRO TRIVIA: This Week!

Question: What is the name of the famous Cuban American singer known as the "Queen of Salsa"?

Reply with your guess! Answers will be revealed in the next newsletter!

RIEGA LA VOZ

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