The Home Depot announced today investments totaling $10 million in three venture capital funds focused on promoting diversity, technology, and entrepreneurship.
According to the company, the investments form part of Home Depot’s commitment to build meaningful, inclusive, and sustainable opportunities for minority-owned companies and Historically Black Colleges and Universities (HBCUs). Since 2017, The Home Depot and The Home Depot Foundation have committed more than $45 million to organizations working to improve social equity.
Richard McPhail, Chief Financial Officer and Executive Vice President of The Home Depot said:
“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.”
The venture capital funds include Base10 Partners’ Advancement Initiative, L’ATTITUDE VENTURES, and Plexo Capital.
Base10Partners focuses on automation for real economy investments. The firm’s Advancement Initiative invests in pre-IPO companies with the goal of creating financial aid for 100,000 HBCU students.
L’ATTITUDE VENTURES invests exclusively in U.S. Latino entrepreneurs that leverage technology to disrupt large and high-growth markets.
Plexo Capital is an institutional investor that allocates capital to fund the global startup ecosystem, investing in emerging venture capital fund managers and early-stage venture-backed companies.
As part of the investment, Home Depot stated that it will work with each of the funds to provide feedback, mentorship, and industry expertise to diverse founders and entrepreneurs.
Derek Bottoms, Chief Diversity Officer and Vice President of Associate Relations at The Home Depot said:
“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. Investing in these three particular venture capital funds sets these goals into action in a significant way.”