Intel Capital has announced the Intel Capital Diversity Fund, which it says will invest in tech start-ups run by women and those in the underrepresented minorities.
Intel Capital, Intel Corporation’s global investment organization, has announced the Intel Capital Diversity Fund, which will invest in technology start-ups run by women and underrepresented minorities. Also unveiled were the fund’s first investments in four companies led by inspiring trailblazers. The largest of its kind, the fund totals approximately $125 million, and investments will cover a broad spectrum of innovative industries.
We believe that a diverse and inclusive workplace is fundamental to delivering business results,” said Intel CEO Brian Krzanich. “Our goal with this new fund is to meaningfully support a technology start up workforce more reflective of society, and ultimately to benefit Intel and the broader economy through its success.
This news follows the January announcement of Intel’s Diversity in Technology initiative, designed to encourage more diversity at Intel and within the technology industry at large. Intel has declared its intent to achieve full representation of women and underrepresented minorities in its U.S. workforce by 2020.
We are proud to take a leading role toward broader participation in technology entrepreneurship and employment,” said Lisa M. Lambert, managing director and vice president of Intel Capital, who is leading the Intel Capital Diversity Fund. “With this new fund, Intel Capital is committed to investing in the best talent from a myriad of backgrounds to cultivate brilliant innovations that serve the needs of a diverse public.
Only 15 percent of venture capital-funded companies in the United States have a woman on the executive team, according to a recent Babson College report, and companies with a woman CEO receive only 3 percent of total venture capital dollars.
Furthermore, less than 1 percent of the founders of Silicon Valley companies are African American or Latino: nearly 100 percent of funded founders are white or Asian, according to industry surveys.
The Intel Capital Diversity Fund launches with investments in four companies, which will gain access to Intel Capital’s business development programs, global network, technology expertise and brand capital.
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