Apple invests $ 10 million in Harlem Capital VC

Harlem Capital, an early stage venture capital firm, will receive a $ 10 million investment as part of Apple’s diversity drive.

Apple announced the investment Wednesday as part of its plan to allocate $ 100 million to address fairness and racial justice.

Chief executive Tim Cook originally announced the Racial Equity and Justice Initiative in June as one of several corporate reactions to civil unrest following the killings of George Floyd and Breonna Taylor.

The funding will come over the next two decades and will help Harlem Capital with its goal of investing in 1,000 diversely-led businesses over 20 years.

“We always try to put capital in people’s hands in proportion to the population,” Jarrid Tingle, managing partner of Harlem Capital, said in an interview with CNBC’s “Squawk Alley” Thursday.

The company currently holds 21 investments in 11 cities and nine sectors. 43% of companies are led exclusively by women, while 47% are led by black or Latino CEOs.

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