SoftBank launches $100 mln fund investing in ‘people of colour’

TOKYO (Reuters) – SoftBank Group Corp (9984.T) is launching a $100 million fund to invest in “companies led by founders and entrepreneurs of colour”, in the latest corporate action as protests roil the United States.

Described as SoftBank’s bid to improve diversity, “we have to put money behind it, set plans, and hold ourselves accountable,” SoftBank’s Chief Operating Officer Marcelo Claure, who will head the fund, wrote in a letter to employees on Wednesday.

Named the “Opportunity Growth Fund” and focused on African Americans and Latinos in the U.S. it is, SoftBank says, the largest fund of its kind.

It will invest in entrepreneurs “from communities that face systemic disadvantages in building and scaling their businesses,” Claure wrote.

SoftBank also runs the $100 billion Vision…