Tech behemoth Intel's venture capital arms - Intel Capital has formed a corpus of $125 mn, and will invest the funds in women- and minority-led startups, Buzzfeed reported. The Capital Diversity Fund is meant to foray in the areas which less diverse start-ups fail to pursue.
Lisa M. Lambert, the managing director of Intel Capital thinks its good business, and funding is not just about making a political or social statement.
The move may be inspired by Intel's own efforts of increasing diversity at the workplace. The tech company wants to reflect demographic make-up of the US in the coming five years. Intel will invest about $300 mn in diversity related initiatives, said the report.
The fund is essentially looking for start-ups run by primarily four types of people - women, Latino, black, or Native American. A founder or CEO who fits the bill or three senior executives who do, will qualify the start-up for funding, according to the report.
Intel Capital has so far invested in four companies, said BuzzFeed.
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