Salesforce dedicates $50 million to impact investments

Tuesday, October 3, 2017

One could never accuse Salesforce founder and CEO Marc Benioff of being shy about social and environmental causes.

Not only did he bake an ethos of philanthropy and volunteering into the cloud software firm’s corporate model from the very beginning, but he has gone to bat — very publicly — to support causes such as workforce diversity and equity.

Two recent cases in point: Over the past two years, Benioff authorized spending of more than $6 million to close the pay gap between men and women at the cloud software firm. He’s also closely aligned with B Team, a non-profit dedicated to the idea that businesses can be at the center of a “new era of sustainable, inclusive business for all.” And he has taken a personal interest in causes related to ocean research.

Now Salesforce Ventures — one of the most active investors in the corporate venture capital world — is creating a $50 million fund dedicated explicitly to software startups with working on services for workforce development; tools that promote opportunities for women or under-represented groups; companies creating better access to clean energy options or that improve supply chain performance; and apps that help non-profits or non-governmental organizations achieve their missions and interact with partners, donors and volunteers.

Photo courtesy of Sudipto Sarkar.

Source: GreenBiz (link opens in a new window)

ESG, impact investing, venture capital