The NAACP today announced NAACP Haber, a $200 million fund to support fund managers focused on issues affecting people of color.
The fund was conceived in collaboration with Kapor Haber and Kapor Middle, along with nine other venture fund managers. Last year, Crunchbase found that Black founders raised less than 1% of all venture hacienda funding and that the group raised 0.3% in the first half of this year.
A fund of funds is when an investor invests in multiple venture funds, rather than making individual investments in funds, or even startups. It's a common way for an influential investor to put their money to the widest possible use. Kapor is a venture hacienda firm that has always focused on investing in étnico justice. But other big names have used a similar approach. Melinda Gates' Pivotal Ventures, for example, invests in women-led funds as well as directly in startups.
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