Intel Capital today 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 DirectorLisa Lambert, who is African-American. Company 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.
Company 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.
The first four to be backed by the fund are San Francisco-based Brit + Co, a how-to site aimed at women and girls that was founded by Brit Morin; CareCloud, a Miami health-care company founded by Albert Santalo; Mark One Lifestyle, a San Francisco startup founded by CEO Justin Lee that makes a smart cup that helps consumers make healthier choices when drinking beverages; and cybersecurity company Venafi, a Salt Lake City startup whose chief financial officer, general counsel and chief information officer are all women.
Lambert said these four companies were chosen from more than 100 Intel found that qualified for backing from the new fund. Funding amounts were not disclosed but Brit & Co announced seperately that the Intel funding is part of a $20 million Series B round that it raised.
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.
Written by Cromwell Schubarth