Code2040, a US-based diversity program operator backed by chipmaker Intel, has secured $5.6m in funding to support its expansion plans, USA Today has reported.
Non-profit organisation the Knight Foundation provided $3m of the funding while the rest came from Sara and Evan Williams Foundation and undisclosed others. Code2040 has now raised more than $7m in total equity funding.
The company’s student referral program places black and Latino students in workshops and internships at tech companies including Apple, LinkedIn and Facebook in order to give them an opportunity to gain experience and make industry connections.
Code2040 has recently expanded its focus to include tech roles in other industries, including financial services and the media, signing up Goldman Sachs and New York Times as partners.
The funding will be used to increase the number of students participating in the scheme from less than 200 to 1,000 each year. It will also form a team to teach companies how to diversify their corporate cultures.
Intel invested $1.3m in Code2040 in February 2016, following a $1.2m investment from Knight Foundation in December three months earlier. It also received $775,000 in grant funding from internet technology provider Google in February 2015.