TOKYO -- Japanese tech conglomerate SoftBank Group will start a $100 million fund dedicated to companies led by founders and entrepreneurs of color, as protests over racial injustice and police brutality erupt across the U.S.
The Opportunity Growth Fund will be the largest fund providing capital to black Americans and people of color, the company said.
SoftBank Group Chairman and CEO Masayoshi Son posted on Twitter in Japanese that "racism is a tragedy," and he said the new fund will help black and Latino entrepreneurs who have been prevented from succeeding due to social injustices.
"Our focus will be on companies that use technology to disrupt traditional business models," Marcelo Claure, SoftBank Group's chief operating officer, said in a letter to employees.
Claure also said the fund "will not take a traditional management fee, but instead will seek to put as much capital as possible into the hands of founders and entrepreneurs of color."