CAMBRIDGE, Mass., Dec. 17, 2020 /PRNewswire/ -- HubSpot, a leading
customer relationship management (CRM) platform, announced today
that it has committed $20 million to
social impact investing. The company's first allocation of those
funds is a $12.5 million investment
in the Black Economic Development Fund, which supports Black-led
financial institutions, community centers, anchor institutions, and
business transactions. The Fund is managed by the Local Initiatives
Support Corporation (LISC), one of the nation's largest community
development financial institutions.
"Earlier this year, we committed to help dismantle systemic
racism through meaningful, long-term change. We chose four key
pillars – introspection, investment, inclusion, and impact – to
guide that work," said Brian
Halligan, co-founder and CEO of HubSpot. "Our goal in
investing in the Fund is to support Black communities and foster
economic empowerment. We're proud to join LISC and our fellow
investors in this effort to help close the racial wealth gap."
"This capital will help build a stronger future for Black
businesses, families and communities, and fuel a more broadly
shared prosperity throughout the country," said George Ashton, managing director of LISC
Strategic Investments, the organization's fund management arm.
"With this investment, HubSpot is leveraging its assets to help
make the American economy work better for everyone."
HubSpot joins PayPal, Netflix, Costco, Square, Dick's Sporting
Goods, and Aflac as fellow investors in the Black Economic
Development Fund, which closed today at $175
million. As part of LISC's Project10X initiative, the Fund
will provide capital to Black-led banks, institutions, and
businesses and expand economic opportunity in the communities they
serve. LISC expects to begin making investments from the Fund in
early 2021 in the form of bank deposits, bridge financing, and
other financing to Black-led businesses, financial institutions,
and anchor institutions.
Today's news follows HubSpot's recent announcement
that it has partnered
with the Howard University School of
Business to establish a Center for Digital Business, a new
multipurpose space that will facilitate education, collaboration
and innovation among students, faculty, staff and business
leaders.
Learn more about the Black Economic Development Fund here or
email strategicinvestments@lisc.org. To learn more about HubSpot's
commitments to diversity, inclusion, and belonging, please visit
www.hubspot.com/diversity.
About HubSpot
HubSpot (NYSE: HUBS) is a leading
customer relationship management (CRM) platform that provides
software and support to help businesses grow better. The platform
includes marketing, sales, service, and website management products
that start free and scale to meet our customers' needs at any stage
of growth. Today, more than 95,000 customers across more than 120
countries use HubSpot's powerful and easy-to-use tools and
integrations to attract, engage, and delight customers.
Named Glassdoor's #1 Best Place to Work in 2020, HubSpot has
been recognized for its award-winning culture by Great Place to
Work, Comparably, Fortune, Entrepreneur, Inc., and more. The
company is headquartered in Cambridge,
MA with offices in Dublin,
Ireland; Singapore;
Sydney, Australia; Tokyo, Japan; Berlin, Germany; Bogotá, Colombia; Paris,
France; Ghent, Belgium;
San Francisco, CA; and
Portsmouth, NH.
Learn more at www.hubspot.com.
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SOURCE HubSpot