“Empowering Diversity: SoftBank Sells Open Opportunity Fund to Black and Latino Executives”
In a groundbreaking move towards diversity and inclusion in the venture capital world, SoftBank has sold its Open Opportunity Fund to two prominent Black and Latino executives, Paul Judge and Marcelo Claure. As the new owners of the $100 million Fund 1 and the $150 million Fund 2, Judge and Claure are poised to make a significant impact on the tech ecosystem.
Claure, the newly appointed vice chairman and general partner of the fund, described the acquisition as a “significant milestone” that showcases a commitment to diverse representation in venture capital. This bold move is a testament to their dedication to supporting underrepresented entrepreneurs and driving more diversity in the tech industry.
Under their leadership, Fund 1 has already made a substantial impact, deploying $100 million to support 75 Black and Latino companies. With seven exits and 46 follow-on rounds, the fund has demonstrated its potential for success. Fund 2, which has increased its target to $200 million, will focus on investing in pre-seed to growth-stage companies in key sectors such as fintech, health tech, edtech, sales and marketing, and enterprise IT.
Furthermore, the partnership between Fund 1 and Fund 2 will allow for continued support of companies on a “case-by-case basis,” demonstrating a commitment to nurturing and growing the portfolio.
Judge emphasized the untapped potential of the Black and Latino founder market, expressing confidence in their ability to deliver significant returns on investment. With their proven track record and strong performance of Fund 1, Judge and Claure are paving the way for a new era of diversity-driven venture capital.
This exciting venture not only represents a shift towards greater diversity in the tech industry but also highlights the tremendous impact that can be achieved through inclusive and innovative leadership.
