- SoftBank Group Corp announced today that it is launching a $100 million to invest in companies that are “led by founders and entrepreneurs of color” called “Opportunity Growth Fund”
SoftBank Group Corp announced today that it is launching a $100 million to invest in companies that are “led by founders and entrepreneurs of color.” This fund was announced on the heels of protests spreading across the United States following the death 46-year-old black man George Floyd after white police officer Derek Chauvin pressed his knee against his neck.
“We have to put money behind it, set plans, and hold ourselves accountable,” said SoftBank Chief Operating Officer Marcelo Claure in a letter to employees today via Reuters. Claure will be overseeing the fund.
SoftBank is calling this fund “Opportunity Growth Fund.” And it is specifically focused on African Americans and Latinos in the U.S. This is the largest fund of its kind.
SoftBank is also well-known for running the $100 billion Vision Fund. This giant fund is headed by Rajeev Misra and has put money into companies like WeWork, Uber, Fanatics, OYO, Tokopedia, Automation Anywhere, Gympass, Slack, Kabbage, Paytm, Arm, Fungible, 10x Genomics, Ping An Good Doctor, Guardant Health, Clutter, Compass, Opendoor, DiDi, DoorDash, Grab, Nuro, Ola, and Zume.
“Racism is a lamentable thing,” wrote SoftBank chief executive officer Masayoshi Son in a recent tweet.
