The Plug In South LA Beat: $100 Million Fund for Founders of Color

As calls for change grow louder, we’re seeing new sources of funding open up that could help tip the scales. Today’s Plug In South LA Beat, our curation of must-read innovation and technology news, takes a closer look at SoftBank’s recent announcement.

SoftBank COO Marcelo Claure sent a letter to employees saying that the firm will create a $100 million fund that only invests in companies led by “founders and entrepreneurs of color,” Axios markets editor Dion Rabouin reported.

“The Opportunity Growth Fund is one of the first to put significant capital behind companies’ statements of empathy and outrage in response to protests over systemic racism in the U.S. typified by the killings of George Floyd, Breonna Taylor and other African Americans by police,” Rabouin wrote.

Find out where the fund stands, who’s involved, and why this capital matters:

SoftBank to Launch $100M Fund Backing Companies Led by People of Color

SoftBank Reveals $100M Fund To Invest In ‘Founders Of Color’