More than a year ago, Intel Capital allocated $125 million to a fund dedicated to investing in minority and female-owned startups. On Wednesday, the venture capital firm announced that it was expanding its focus to include founders from the LGBTQ community, military veterans, and founders living with disabilities.
The diversity fund was established as a means to promote equal access to resources and capital for startups. It’s the brainchild of Intel chief executive Brian Krzanich and aims to promote underrepresented companies and change the face of not only Silicon Valley but the industry. $125 million has been promised over the next five years to support this cause.
The chip maker originally tapped Lisa Lambert to lead the initiative, but she announced her departure for Westly Group last May. Intel said at the time that it was actively interviewing candidates to replace her, and the firm has since named Trina Van Pelt and Christine Herron as champions for the diversity program.
The firm also recently shared that it has provided $38 million to 12 technology startups.