New $125M Intel Fund Targets Startups Run by Women, Minorities
Cromwell Schubarth, Biz Journals, June 9, 2015
Intel Capital on Tuesday unveiled a push to back startups run by women or minorities with a new $125 million fund.
The Intel Capital Diversity Fund will be managed by Intel Capital Managing Director Lisa Lambert, who is African-American.
Companies that qualify for investment are ones in which the CEO or founder, or at least three executives who report to the CEO, are women, black, Latino or Native American.
Lambert said she expects to invest about $25 million per year over the next five years.
The move by Intel comes amid growing concern over the lack of women and minorities in technology and venture capital. Intel CEO Brian Krzanich in January pledged to spend $300 million over the next five years to get “full representation” in his company’s workforce by women and minorities by 2020.