Claure And Judge Aim To Raise 200m For Diversity Fund
Marcelo Claure and Paul Judge, the new owners of the Open Opportunity Fund, are embarking on raising a $200 million second fund following their acquisition of the fund from SoftBank. The first fund, originally a $100 million initiative by SoftBank, focused on investing in startups led by Black and Latinx founders. Despite not having made new investments since the acquisition, Claure and Judge are optimistic about the future, citing the first fund’s success with 75 startups funded and seven exits.
The Open Opportunity Fund, now independent, continues to focus on diversifying venture funding, which has historically seen a minimal percentage going to Black and Latinx founders. With a successful track record and a strategy focused on B2B SaaS, fintech, healthtech, and edtech sectors, Claure and Judge aim to bridge the gap in funding for underrepresented entrepreneurs. They plan to allocate the new fund towards late seed to early Series A startups, with a portion reserved for growth-stage investing.
Both Claure and Judge, having experienced the challenges of raising capital as entrepreneurs of color themselves, are committed to creating a more inclusive venture ecosystem. They envision the fund not only providing financial returns but also contributing to generational wealth and diversity within the tech industry.
