Accenture Ventures, the corporate venturing arm of US-based professional services firm Accenture, has launched a fund of undisclosed size that will invest in startups founded by black entrepreneurs.
Black Founders Development Fund will participate in early-stage rounds for developers of products such as software that are in areas of strategic interest to Accenture. It will initially focus on US investments but is expected to extend into international markets.
The vehicle is being set up as part of Accenture’s Black Founders Development Program, which seeks to increase funding and mentoring for black entrepreneurs and forge more connections between them and the company’s clients.
Accenture Ventures will reveal the fund’s first portfolio companies over the coming months and has formed a dedicated advisory council to help inform the initiative’s investments and mentoring.
Kathryn Ross, lead for global innovation at Accenture Ventures as well as the Black Founders Development Program, said: “Our Black Founders Development Program will help drive economic inclusion and create new advancement opportunities for black business owners and leaders by bringing to bear the full power of our global technology business and extensive relationships with clients, partners and the venture capital community.”