Home Depot Commits $ 10 Million to Diversity and Innovation Venture Fund | 2021-09-28 | Press Releases
ATLANTA, September 28, 2021 / PRNewswire / – The Home Depot, the world’s largest home improvement retailer, to invest $ 10 million in venture capital funds promoting diversity, technology and entrepreneurship: the Base10 Partners Advancement Initiative, L’ATTITUDE VENTURES and Plexo Capital. These investments are part of the company’s commitment to create meaningful, inclusive and sustainable opportunities for minority-owned businesses and historically black colleges and universities (HBCUs).
- Base10 Partners is a venture capital firm that invests in automation for the real economy. Base10 leads the Advancement Initiative, a growth stage fund that invests in leading pre-IPO companies with the goal of creating financial aid for 100,000 historically Black college and university (HBCU) students.
- ATTITUDE VENTURES is an early stage venture capital fund that catalyzes U.S. economic growth by investing exclusively in Latin American entrepreneurs who leverage technology to disrupt large, high growth markets.
- Plexo Capital is an institutional investor that allocates capital to fund the global startup ecosystem, investing in venture capital funds that create the next generation of franchises and private businesses led by entrepreneurs who build the future.
As part of these venture capital investments, The Home Depot will work with each fund to provide commentary, mentorship and in-depth industry expertise to various founders and entrepreneurs.
“The future of retail lies in technology and innovation, and we are committed to investing in various thought leaders who can help us disrupt our industry,” said Richard McPhail, Chief Financial Officer and Executive Vice President of Home Depot.
“Striving to close the wealth gap and advancing education for all are two of the diversity, equity and inclusion commitments we set in 2020,” said Bottom Derek, Director of Diversity and Vice President of Associate Relations at Home Depot. “Investing in these three specific venture capital funds helps achieve these goals in a meaningful way. “
The Home Depot and The Home Depot Foundation have committed more than $ 45 million since 2017 to organizations working to improve social equity. In 2020, The Home Depot announced it was doubling its investment to $ 1 million per year for the Retool Your School program, which historically benefits black colleges and universities. The company also announced its goal of implementing a program to encourage its own suppliers to increase their business with various suppliers and to expand the downstream impact of the company with various organizations nationwide.
ABOUT HOME DEPOT
Home Depot is the world’s largest home improvement retailer. At the end of the second quarter, the Company operated a total of 2,298 Home Depot retail stores in all 50 states, District of Colombia, Porto Rico, US Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2020, The Home Depot achieved sales of $ 132.1 billion and the earnings of $ 12.9 billion. The Company employs approximately 500,000 associates. Home Depot shares are listed on the New York Stock Exchange (NYSE: HD) and are included in the Dow Jones Industrial Average and Standard & Poor’s 500 Index.
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SOURCE Home Depot