Merck commits $20m to CNote to support underserved communities in the US
German science and tech firm Merck KGaA has made a $20 million commitment to CNote, a women-led impact investing platform.
The investment will be used to support underrepresented communities in the US by providing capital to minority-owned and women-led small businesses.
The money from Merck will go to communities in regions where the firm currently operates, including Arizona, California, Maryland, Massachusetts, Missouri, New Hampshire, Ohio, Pennsylvania, Texas, Washington, and Wisconsin.
“This commitment from Merck KGaA, Darmstadt, Germany, will have a real impact on those who live and work in these communities,” says CNote CEO Catherine Berman.
“With their support, inspiring mission-driven banks and credit unions will receive the needed lifeline of deposits to help small businesses grow, affordable housing expand, and create a more inclusive, equitable economy.”
Founded in 2016 and based in Oakland, California, CNote is an investment platform that aims to promote financial inclusion across the US. It raised $7.25 million in a Series A funding round last month.
It channels investor funds into deposit and loan products at community financial institutions that serve low-income women and people of colour entrepreneurs, fund affordable housing, and support other forms of economic inclusion.