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SoftBank $100 Million Fund to Back Firms Led by People of Color

SoftBank Corp. Stores As The Group Forecasts Record Losses
Photographer: Kiyoshi Ota/Bloomberg
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SoftBank Group Corp. started a $100 million fund that will exclusively invest in companies led by people of color, a group that’s historically been underrepresented in the venture capital industry.

Marcelo Claure, SoftBank’s chief operating officer, will lead the fund alongside Shu Nyatta, a managing partner who works on the company’s Innovation Fund, according to a statement from the company on Wednesday. The fund will specifically look to support founders from communities that face “systemic disadvantages in building and scaling their businesses,” it said.