Apple adds diversity grant to its CSR rulebook
Early-stage venture capital company Harlem Capital will get a $10 million financial investment as part of Apple's diversity push. Apple revealed the investment on Wednesday as part of its plan to assign $100 million to resolve racial equity and justice. CEO Tim Cook initially revealed the Racial Equity and Justice Effort in June as one of a diversity of corporate reactions to civil unrest following the killings of George Floyd and Breonna Taylor. The funding will be coming over the next twenty years and assist Harlem Capital with its objective of buying 1,000 diverse-led businesses in 20 years. " We're always trying to get capital in the hands of individuals in proportion to the population," stated Jarrid Tingle, handling partner at Harlem Capital, in an interview on Thursday. The company presently holds 21 financial investments throughout 11 cities and 9 markets. Forty-three percent of the companies are specifically women-led, while 47% are led by Black or Latino CEOs. Business in the company's portfolio include Black media company Blavity and government affairs platform GovPredict. The firm previously got a part of PayPal's $50 million financial investment to resolve the venture capital funding gap facing Black and Latino business owners. According to a 2020 Crunchbase Diversity Spotlight report, Black and Latino founders represented only 2.6% of the overall $87.3 billion in funding towards the end of 2020, regardless of the dollar amounts increasing every year. Tingle, however, remained positive that the tide is turning. " The time will come," Tingle stated. "The obstacle is they weren't really getting these chances till about 2013 or 2014, so they never ever had the chance to specify where they would go public." While some experts indicate a pipeline problem, Tingle stated that is not something he faced in recognizing diverse-led companies. When Harlem Capital launched an investment search, they discovered 200 women-, Black- and Latino-led companies that had independently raised over $1 million. " Our bet at Harlem Capital is that backing these business owners will help them construct companies, generate wealth, hire varied people and then reinvest when they achieve success, which is happening," stated Tingle. "But we also believe you can't be what you do not see."