Corporations are increasingly active as limited partner on diversity-focused venture capital funds.
US-listed food manufacturer General Mills has committed $15m to two venture capital funds founded by women of colour.
Through its corporate venturing unit, 301 Inc., General Mills has backed Fearless Fund and Supply Change Capital, which back minority and women entrepreneurs.
Since a June 2021 reorganisation of General Mills’ corporate ventures under Doug Martin, about 80% of 301 Inc.’s investment dollars have gone to minority- or female-led food businesses, including Black-owned vegan burger startup Everything Legendary, according to news provider TMC.
“We experience first-hand the expertise and passion of the diverse and female founders within our 301 Inc. portfolio, and yet there is a systemic gap for minority food entrepreneurs looking for early-stage venture capital funding,” said Martin, chief brand and disruptive growth officer for General Mills, in the release. “We are excited to join forces with these amazing partners to uncover…
