Eli Lilly chips $30M into VC fund aimed at minority-owned healthcare companies

On Jan 15, 2021, Fierce Biotech reported, If racial justice wasn’t front of mind for biopharma, the events of 2020, from the COVID-19 pandemic to police brutality, put it there. Companies are tackling the issue on multiple fronts, including diversifying their workforce and making sure they’re testing their drugs in diverse populations. With its latest efforts, Eli Lilly is focusing on building startups.

The company invested $30 million in Unseen Capital Health Fund, a venture fund aimed at supporting founders of early-stage healthcare companies who are Black or of other racial minorities, Lilly announced on Friday. In addition to identifying, funding and supporting minority-led businesses, the fund will also target companies working on solutions for marginalized communities.

Unseen Capital is already investing in companies and plans to top out its fund at $100 million.

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