Apple invests millions to back entrepreneurs of colour
Thursday, 14 January 2021
NEW YORK, Jan 13 (Reuters): Apple Inc on Wednesday said it was putting $60 million into a fresh round of projects aimed at challenging systemic racism, including its first foray into venture capital funding to back entrepreneurs of colour.
Apple said it would invest $10 million in a fund with Harlem Capital, a New York-based early-stage venture firm, with the goal of helping fund 1,000 companies over 20 years. Apple will invest $25 million in Siebert Williams Shank's Clear Vision Impact Fund, which provides financing to small- and mid-sized businesses, with an emphasis on minority-owned firms. Apple will become a limited partner in funds at both.
"There's a lack of diversity among venture capital and banking funders," Lisa Jackson, Apple's vice president of environment, policy and social initiatives, told Reuters.