Apple's Racial Equity Initiative: Tech Giant Invests $25M More in VC for Minority-Owned Businesses

Apple Inc. AAPL plans to invest an additional $25 million in venture capital to support minority businesses.

The fund has been allocated to Collab Capital, Harlem Capital, and VamosVentures — three venture capital funds working with minority-owned businesses.

The investments are a part of Apple's Racial Equity and Justice Initiative (REJI) program, launched in June 2020, when protests against racial injustice swept the nation. The company has more than doubled its initial financial commitment of over $200 million over the last three years as part of REJI.

With this new round of investments, Apple has committed $50 million in venture capital support and more than $100 million in overall financing to "mission-aligned" diverse businesses and financial institutions. 

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"We are resolved to keep building on the progress we've made to ensure equitable opportunity for Black and Brown communities across America and around the world," said Lisa Jackson, Apple's vice president of Environment, Policy, and Social Initiatives.

"Building a more just and equitable world is urgent work that demands collaboration, commitment, and a common sense of purpose," said Tim Cook, Apple's CEO. 

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Through REJI's education grants, Apple has reached more than 160,000 learners while committing over $50 million to Historically Black Colleges and Universities (HBCUs) and Hispanic-Serving Institutions (HSIs).

As part of its expanding work, Apple also announced a new partnership with the My Brother's Keeper Alliance (MBKA), a program of the Obama Foundation.

Price Action: AAPL shares are trading higher by 0.04% to $183.39 in the premarket session on the last check Wednesday.