Intel Capital has launched the Intel Capital Diversity Fund, a $125m fund to invest in technology startups run by women and underrepresented minorities in a move to address the Silicon Valley 1 percent problem ( less than 1% of the founders of Silicon Valley companies are African American or Latino).
The fund launched with investments into four companies and it aims to complement Intel’s $300 million Diversity in Technology Initiative by Intel launched in Janaury.
In a press statement Intel CEO Brian Krzanich said, “We believe that a diverse and inclusive workplace is fundamental to delivering business results. Our goal with this new fund is to meaningfully support a technology startup workforce more reflective of society, and ultimately to benefit Intel and the broader economy through its success.”
Intel wants to achieve full representation of women and underrepresented minorities in its U.S. workforce by 2020 by being on the forefront of having women and minority groups having broader participation in technology entrepreneurship and employment. The firm also aims to invest in the best talent from a myriad of backgrounds in the valley.