- Andreessen Horowitz is launching a new $US15 million venture fund backed by black celebrities, according to the Wall Street Journal.
- Will Smith, Kevin Durant, and Sundial Brands CEO Richelieu Dennis have reportedly already signed on as limited partners to the fund.
- Andreeseen Horowitz will reportedly donate investment returns toward nonprofits that aim to spur the black community’s engagement in tech.
Silicon Valley venture firm Andreessen Horowitz has launched a new fund that will partner exclusively with black celebrities, athletes, and media figures, according to the Wall Street Journal.
Already, the firm has secured high-profile backing from actor Will Smith, NBA star Kevin Durant, and the founder of beauty line Sundial Richelieu Dennis, the Journal reports.
The $US15 million fund, which will reportedly operate alongside Andreessen Horowitz’s $US1.5 billion fund, won’t function like a traditional venture fund; instead, investment returns will go towards nonprofits that aim to spur the black community’s engagement in tech.
Andreessen Horowitz’s new fund is just one among a growing movement in venture capital to diversify the industry’s overwhelming white and male demographic. In May, Backstage Capital launched a $US36 million fund to invest exclusively in businesses backed by black female founders.
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