Salesforce.com Inc. (NYSE:CRM) has launched a second Impact Fund of $100 million from its global strategic investment arm, Salesforce Ventures. The company launched the first fund of $50 million in 2017, and now it is doubling the investment to accelerate the growth of cloud businesses, especially startups having a positive social vision.
Salesforce doubles investment to focus on social responsibility
This latest fund has been designed to deliver investment in areas Salesforce feels should be emphasized in terms of corporate social responsibility. Some of the areas include climate action, education, and reskilling, equity, diversity, and inclusion. They also plan to offer tech to non-profits as well as foundations.
Suzanne DiBianca, the chief impact officer and executive VP of corporate relations at the company, said that the money will be put in to work on some of the most pressing global social issues. She said that now than ever, there is a belief that business can be a good tool for change. As a result, the company wants to leverage tech and investment in innovative ideas in driving long-term wellness and health of citizens, promote impactful climate action, and enable equal education access.
Salesforce has invested in 400 companies globally
So far, Salesforce Ventures has investments in over 400 firms across the US, APC, and EMEA, which will accelerate impactful change globally. Claudine Emeott, the director of Impactful Investing, said that since its establishment, Salesforce has been a champion of business being a powerful change platform. The principle has become part of the DNA of the company and its values and mission. Claudine said that they are the only strategic investor focussed on supporting enterprise cloud startups. She further indicated that with investment in over 400 companies, they have a unique understanding of how they can build successful SaaS enterprises.
Brent Leary, the principal analyst and founder at CRM Essential, said that the investment is consistent with its commitment to social issues. He added that the initiative fits with the company’s efforts of making business impactful for change.