500 Startups announced it is raising a $25 million fund to invest in startups headed by black and Latino entrepreneurs. The firm said the new fund is expected to invest in about 100 companies.

As is its custom when announcing a new microfund, 500 Startups said the new vehicle will be led by founding partner Dave McClure. Also leading the new fund isMonique Woodard, a venture partner at 500 Startups and co-founder of Black Founders, a national organization that aims to increase the number of black entrepreneurs in tech. Previously, Woodard was one of the first Innovation Fellows for the City of San Francisco.

500 Startups announced the new fund at the Global Entrepreneurship Summit.

Source: Blog post