Technology
NAACP launches $200 million fund of funds
NAACP announced today NAACP Capital, a $200 million fund supporting fund managers focused on issues impacting people of color.
The fund was established in partnership with Kapor Capital and Kapor Center, in addition to nine other enterprise fund managers. Last 12 months, Crunchbase found that Black founders raised lower than 1% of all enterprise capital funding, and the group raised 0.3% in the primary half of this 12 months.
A fund of funds is when an investor invests in multiple enterprise capital funds, fairly than making individual investments in funds and even startups. This is a well-liked way for an influential investor to get probably the most out of their money. Kapor is a VC firm that has at all times been focused on investing in racial justice. But other big names have taken an identical approach. For example, Melinda Gates’ Pivotal Ventures invests in women-led funds in addition to directly in startups.