The Home Depot Is At It Again and This Time Its Pledged $10M In VC Funds To Further Support Minority Start-Up Founders

The Home Depot, the world’s largest home improvement retailer, has just announced plans to invest $10 million in venture capital funds that reiterate the company’s stance on diversity, technology, and entrepreneurship.

The funds will go toward Base10 Partners Advancement Initiative, L’ATTITUDE VENTURES, and Plexo Capital as part of the company’s mission to create “meaningful, inclusive and sustainable opportunities for minority-owned companies.”

According to PR Newswire, the funds will also go toward the company’s continued commitment to Historically Black Colleges and Universities (HBCUs). The investment program was created to help restore and preserve HBCUs.

In a statement, Derek Bottoms, chief diversity officer and vice president of associate relations at The Home Depot, said: “Striving to close the wealth gap and advancing education for all are two of the Diversity, Equity, and Inclusion commitments we set forward in 2020.

“Investing in these three particular venture capital funds sets these goals into action in a significant way.”

Since 2017, The Home Depot has placed more than $45 million in the hands of organizations that aim to improve social equity. Just last year, the company doubled its Retool Your School investment to a million dollars.

They also announced a new program that will encourage its suppliers to increase their business with diverse suppliers to expand its downstream impact across various organizations throughout the nation.

Richard McPhail, chief financial officer and executive vice president of The Home Depot, said: “The future of retail lies in technology and innovation, and we’re committed to investing in diverse thought leaders who can help us disrupt our industry.”