Zeal Capital Partners has secured $22.3m for its debut fund, which was anchored by PayPal as part of a $50m diversity commitment.

Digital payment processor PayPal has anchored a $22.3m close for a fund being raised by inclusive investment firm Zeal Capital Partners, the latter confirmed yesterday.

Zeal Capital follows a strategy centred on investing in portfolio companies with management teams from underrepresented minority groups. It targets companies developing financial technology and products focusing on the future of work.

The firm was one of several backed through a $50m commitment by PayPal to diverse funds that it recently revealed.

Nasir Qadree, founder and managing partner of Zeal Capital Partners, said: “When more than 40 million Americans are unemployed and less than 30% are ‘financially healthy,’ it is abundantly clear that we need more businesses delivering solutions to bridge the wealth and skills gap at scale.

“Our market-backed Inclusive Investing strategy best positions us to source, invest, and scale high-growth early-stage businesses all over the US, beyond the traditional geographic hotbeds of venture capital activity.”