Apple says that it will invest $60 million to support minority entrepreneurs, a move that comes as part of a “racial equity and justice” project to challenge “systemic racism.”
“There’s a lack of diversity among venture capital and banking funders,” said Lisa Jackson, Apple’s vice president of environment, policy and social initiatives, to Reuters. “We looked for where we thought there was opportunity for our resources to do good things.”
The report added that Apple will invest $10 million in a fund with Harlem Capital, a New York-based early-stage venture firm, and another $25 million in Siebert Williams Shank’s Clear Vision Impact Fund, which provides financing to businesses with an emphasis on minority-owned firms.
Apple is also investing another $25 million into the Propel Center, a facility in Atlanta where historically Black colleges and universities will collaborate on programs in entrepreneurship, and app development.
Apple’s new investments are a part of the company’s $100 million