THE BFM FUND RECEIVES EQUITY INVESTMENT FROM BANK OF AMERICA

Seed-stage Portland and Virginia-based Venture Fund Run by Women of Color Leadership Team
Focused on Black Founders to Advance Economic Equity Across Multiple Verticals Within the United
States; Current Portfolio includes Start-ups from Serena Williams, Allyson Felix, and HBO's 'Insecure'

PORTLAND, Ore., March 8, 2023 /PRNewswire/ -- The BFM Fund (Black Founders Matter), a Portland-based, seed-stage venture fund focused on Black and innovative founders, is slated to receive investment from Bank of America. Led by a full women of color leadership team, The BFM Fund will allocate Bank of America's investment into Black founders across various verticals within the United States. Current companies within The BFM Fund's portfolio include Saysh, Allyson Felix's footwear and apparel brand; Hued, a healthcare startup in partnership with Serena Williams and Glow Up Games, a mobile-game companion to HBO's hit television series, "Insecure." While the total investment amount is not disclosed, Bank of America became a significant investor in The BFM Fund's first close.

"I've been so energized to work with such an outstanding team at Bank of America over the last few months," said BFM Fund's Managing Director, Himalaya Rao-Potlapally. "It's been so encouraging to see global financial institutions like Bank of America having such passion and follow through in their commitment to creating economic equity within venture capital. I'm excited to see other financial institutions take Bank of America's lead in supporting the next generation of diverse fund managers, who are more representative of the broad spectrum of startup founders that exist. When global organizations like Bank of America remain steadfast in their mission to create economic equity through capital redistribution and supporting diverse fund managers, other financial institutions, venture capital firms and potential investors will follow suit. That cannot be understated."

"Bank of America's equity investment in The BFM Fund underpins our commitment to scale positive change and drive economic opportunity by addressing pervasive funding gaps for minority-owned and led businesses, entrepreneurs and innovators," said Roger Hinshaw, Bank of America Oregon and Southwest President. "By providing growth capital and support to diverse entrepreneurs, The BFM Fund will open new doors to greater economic growth and wealth creation within an underserved segment of the economy."

The extensive process required a comprehensive review of BFM Fund's legal, financial, thesis documentation and standing. The BFM Fund joins an impressive and growing roster of more than 100 BIPOC, women-owned and LGBTQ+ funds hand-selected by Bank of America since 2022.

"Funder representation is a critical piece to facilitating systemic change in capital allocation," stated Rao-Potlapally. "We're here to do the work that needs to be done and we're grateful for Bank of America's belief, support, and commitment to creating more equitable outcomes."

About The Black Founders Matter Fund

The BFM Fund functions as a seed-stage venture investment fund, routinely investing in Black and innovative founders who create startups based in the United States. The fund is returns-focused and seeks scalable ventures across multiple verticals and industries between the Series Seed and Series A life-stage. Beyond capital, the BFM Fund partners with industry-specific lead firms in the Series Seed to Series C stage to help its portfolio companies scale efficiently.

To learn more about The BFM Fund, please visit www.bfm.fund or connect with us on Linkedin (@bfmfund). Any inquiries can be sent to [email protected].

About Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATM and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

SOURCE The BFM Fund (Black Founders Matter Fund)