US-headquartered financial services firm Northwestern Mutual has committed $20m to investments in companies with black founders, through corporate venture capital subsidiary Northwestern Mutual Future Ventures.
Black-founded startups developing technology in areas such as customer experience, digital health sectors, data analytics and methods of switching customers’ financial preferences will be considered for the scheme.
The firm has also launched a vehicle called Northwestern Mutual Black Founder Accelerator in partnership with startup accelerator operator Gener8tor. It will enrol its first batch of five startups early next year, with two cohorts set to take part in the 12-week initiative each year.
Abim Kolawole, Northwestern Mutual’s vice-president of digital innovation, said: “Innovative thinking is required to drive breakthrough solutions to close the racial equity gap, and by supporting black founders through Northwestern Mutual Future Ventures and the new accelerator programme in partnership with Gener8tor, we can make a difference to close this funding gap.
“Our company’s Sustained Action for Racial Equity task force, which launched earlier this year, is looking at racism and inequality from every perspective. These initiatives will drive change and create impact within our company and communities.”
