Apple adds $25 million venture capital commitment for minority-owned businesses

Apple adds $25 million venture capital commitment for minority-owned businesses

Apple said on Wednesday it is investing an additional $25 million to three funds working with minority-owned businesses, bolstering its backing for communities that continue to be underrepresented in the technology space.

The funds would go to Collab Capital, Harlem Capital and VamosVentures and boost the tech giant's venture capital support for diverse businesses, to $50 million.

The statement comes more than two years after the Cupertino, California-based company's foray into VC funding to back entrepreneurs of color.

Companies across the spectrum in corporate America have pledged to do more to support initiatives aimed at racial equity after the murder of George Floyd in 2020 prompted a global reckoning over racism.