The National Association for the Advancement of Colored People (NAACP) has taken a significant step towards promoting diversity and inclusion in the tech industry with the launch of NAACP Capital, a $200 million fund of funds. This initiative aims to support fund managers who focus on issues that impact people of color, a demographic that has historically been underrepresented in the tech ecosystem.

According to a Crunchbase report, Black founders raised less than 1% of all venture capital funds last year, and this year's numbers are not much better, with only 0.3% of venture capital going to this group. NAACP Capital seeks to address this funding gap by investing in multiple venture funds, rather than individual startups or funds.

The fund was conceived in partnership with Kapor Capital and Kapor Center, along with nine other venture fund managers. Kapor Capital, a venture capital firm focused on racial justice investing, has been a driving force behind this initiative. The approach is similar to that of Melinda Gates' Pivotal Ventures, which invests in women-led funds and startups.

The launch of NAACP Capital is a significant move towards creating a more inclusive and diverse tech industry, and its impact is likely to be felt in the years to come. By providing access to capital for founders of color, this fund has the potential to unlock innovation and entrepreneurship in underserved communities, ultimately driving growth and progress in the tech ecosystem.