In a new move, Home Depot has committed to further setting minority entrepreneurs up for success in America, reports Afro Tech. The world’s largest home improvement retailer has announced plans to invest $10 million in venture capital funds that reiterate the company’s stance on diversity, technology and entrepreneurship. The funds will go toward Base10 Partners Advancement Initiative, L’aAttitude Ventures and Plexo Capital as a part of the company’s mission to create meaningful, inclusive and sustainable opportunities for minority-owned companies.
The funds will also go toward the company’s continued commitment to Historically Black Colleges and Universities (HBCUs).
“Striving to close the wealth gap and advancing education for all are two of the Diversity, Equity and Inclusion commitments we set forward in 2020,” said Derek Bottoms, Home Depot’s chief diversity officer and vice president of associate relations in an official statement. “Investing in these three particular venture capital funds sets these goals into action in a significant way.”
Since 2017, Home Depot has placed more than $45 million in the hands of organizations that aim to improve social equity. Just last year, the company doubled its Retool Your School investment to a million dollars. The program was created to help restore and preserve HBCUs. The company also announced a new program that will encourage its own suppliers to increase their business with diverse suppliers to expand the company’s downstream impact across diverse organizations throughout the nation.
“The future of retail lies in technology and innovation, and we’re committed to investing in diverse thought leaders who can help us disrupt our industry,” said Richard McPhail, Home Depot chief financial officer and executive vice president.