Apple announced the investment on Wednesday as part of its plan to allocate $100 million to address racial equity and justice.
CEO Tim Cook originally announced the Racial Equity and Justice Initiative in June as one of a number of corporate reactions to civil unrest following the killings of George Floyd and Breonna Taylor.
The funding will be coming over the next two decades and help Harlem Capital with its goal of investing in 1,000 diverse-led businesses in 20 years.
Early-stage venture capital firm Harlem Capital will receive a $10 million investment as part of Apple’s diversity push.
The firm previously received a portion of PayPal’s $50 million investment to address the venture capital funding gap facing Black and Latino entrepreneurs.
According to a 2020 Crunchbase Diversity Spotlight report, Black and Latino founders represented only 2.6% of the total $87.3 billion in funding toward the end of 2020, despite the dollar amounts increasing every year.