The Home Depot Commits $10 Million to Venture Capital Funds Focused on Diversity and Innovation
Wednesday, September 29th, 2021
The Home Depot, the world's largest home improvement retailer, will invest $10 million in venture capital funds that promote diversity, technology and entrepreneurship: the Base10 Partners Advancement Initiative, L'ATTITUDE VENTURES and Plexo Capital. These investments are part of the company's commitment to build meaningful, inclusive and sustainable opportunities for minority-owned companies and Historically Black Colleges and Universities (HBCUs).
- Base10 Partners is a venture firm investing in automation for the real economy. Base10 leads the Advancement Initiative, a growth-stage fund that invests in leading pre-IPO companies with the goal of creating financial aid for 100,000 Historically Black College and University (HBCU) students.
- L'ATTITUDE VENTURES is an early-stage venture fund that catalyzes U.S. economic growth by investing exclusively in U.S. Latino entrepreneurs that leverage technology to disrupt large and high-growth markets.
- Plexo Capital is an institutional investor that allocates capital to fund the global startup ecosystem, investing into venture capital funds that are creating the next generation of franchises and private companies led by entrepreneurs building the future.
As part of these venture capital investments, The Home Depot will work with each fund to provide feedback, mentorship, and deep industry expertise to diverse founders and entrepreneurs.
"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," said Richard McPhail, chief financial officer and executive vice president of The Home Depot.
"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," said Derek Bottoms, chief diversity officer and vice president of associate relations at The Home Depot. "Investing in these three particular venture capital funds sets these goals into action in a significant way."
The Home Depot and The Home Depot Foundation have committed more than $45 million since 2017 in organizations working to improve social equity. In 2020, The Home Depot announced that it was doubling its investment to a million dollars annually for the Retool Your School program, which benefits historically Black colleges and universities. The company also announced its goal to build a program to encourage its own suppliers to increase their business with diverse suppliers and expand the company's downstream impact with diverse organizations nationwide