This $25 million will be infused in Collab Capital, Harlem Capital and VamosVentures and would boost Apple's venture capital support for diverse businesses, to $50 million.
Notably, Collab Capital is an investment fund that provides social and financial resources to companies owned by Black Founders. Apple is already among Collab Capital's limited partners.
Harlem Capital is a seed-stage generalist fund focused on investing in minority and women founders. In January 2021, Apple announced to invest $10 million over the next 20 years with Harlem Capital to fund startups with diverse founders and $25 million in the Clear Vision Impact Fund for capital loans to small and medium-size businesses, with an emphasis on minority-owned companies.
While, VamosVentures is first Latinx-owned venture fund to focus on Latinx and other diverse founders. Apple became VamosVentures' partner in May 2021.
Apple, which also counts indigenous communities among minorities, has more than doubled its initial financial commitment towards racial equalities to total more than $200 million over the last three years.
Apple also released its first-ever REJI Impact Overview, which provides a snapshot of the initiative’s impact across its areas of focus.
Apple claims that from 2020 to 2023, it has significantly increased business with Black-, Hispanic/Latinx-, and Indigenous-American-owned companies. The company says that in 2023, 45% of the business awarded to vendors who built Apple’s new North Carolina campus were Black-, Hispanic/Latinx-, or Indigenous–American-owned companies.
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