Tech giant Apple is investing $20 million in early-stage venture capital firm Harlem Capital as part of the company’s broader $100 million effort to address racial equity and justice.
The VC firm has a goal to invest in 1,000 diverse founders over the next 20 years. “We’re always trying to get capital in the hands of people in proportion to the population,” managing partner Jarrid Tingle told CNBC.
Although Black and Latinx founders only received 2.3% of the billions of dollars of funding invested in startups last year, the Harlem Capital leadership team sees that changing dramatically.
In today’s curation of must-read innovation and tech news, the Plug In South LA Beat, we’re learning about the firm’s strategy for addressing the gaping VC funding gap — and why the partners are optimistic about bridging it:
Photo: Harlem Capital’s leadership. Credit: Harlem Capital