SoftBank launches $ 100 million fund dedicated to diverse entrepreneurs

by bold-lichterman

Japan’s SoftBank Group on Thursday announced the creation of a $ 100 million fund to invest in start-ups founded in particular by black entrepreneurs, as many companies try to make a good face in the face of racial tensions in the United States . “This fund will only invest in companies run by founders and entrepreneurs from diverse backgrounds”, explained Marcelo Claure, executive vice president of SoftBank Group, in an internal letter, a copy of which AFP has obtained.

Young shoots financed by venture capital funds come from entrepreneurs ” by an overwhelming majority “ white, male, educated in top US universities and based in Silicon Valley, said Claure. ” Only 1% of founders supported by venture capitalists are black people ”, according to him.

Promote diversity

SoftBank Group is one of the global giants of investments in new technologies. For image reasons, many companies are trying to promote diversity in the face of the wave of protests in the United States and elsewhere in the world after the death of the African American George Floyd during his arrest by the police in Minneapolis (north) on May 25.

Bank of America, the second largest bank in the United States, announced on Tuesday that it would devote $ 1 billion over four years to projects against racial injustices in the United States.