SoftBank put together a $100 million investment fund for minority-owned businesses in 24 hours
Emailed on June 5th 2020 in The Friday Forward
I take back almost all of the WeWork jokes.
SoftBank on Wednesday announced a $100 million Opportunity Fund that will invest only in companies led by people of color.
It’s one of the first large funds created in response to nationwide protests sparked by the killing of George Floyd.
The fund will start with $100 million of its own capital and could grow that with more investments.
SoftBank will not take a traditional management fee, the company said in a statement. Half of its gains will be reinvested into subsequent Growth Opportunity Funds.The company will also donate a portion of its gains to organizations that create opportunities for people of color.