Andreessen Horowitz has reportedly launched a $15 million fund that will partner exclusively with black investors and use any returns the venture firm gets to help spur the black community’s engagement in tech.
The Wall Street Journal reported on Monday that the fund has already attracted investments from actor Will Smith, Golden State Warriors star Kevin Durant and Richelieu Dennis, the founder of beauty line Sundial.
It said that while the investors in the new fund will profit if the fund does well, Menlo Park-based Andreessen Horowitz will donate proceeds it gets to nonprofits.
The fund is called “Culture” because of its aim to get more people of color involved in tech. This is exactly why KD joined the Silicon Vallery Warriors
Kevin Durant Covers World Fame Issue and Talks About His Growing Empire https://t.co/ZnLCo4mqaz
— SportsGossip.com (@sportsgossip) May 22, 2018