SoftBank is launching a $100 million fund to invest in startups led by people of color by ruthumohnews
The funding landscape for minority-owned businesses has historically been far from equitable. Just 1% of venture-backed founders are black, while Latinx founders make up 1.8% of funding recipients. Generally, most venture-backed startups are led by white men who are Ivy League-educated.
The company also acknowledged that it needs to increase underrepresented hires at both SoftBank and its portfolio companies, particularly in leadership positions and board seats. In a renewed effort to diversify its ranks, SoftBank announced the creation of a diversity and inclusion program.
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