What you need to know
- Apple has announced an investment in biotech firm SweetBio.
- Money has been made available to VC firm VamosVentures.
- Both investments are part of the Racial Equity and Justice Initiative.
Apple has announced that it is investing in two firms as part of its ongoing Racial Equity and Justice Initiative. Biotech firm SweetBio and VC outfit VamosVentures are the latest to benefit from funding coming out of Apple.
Apple continues to invest in Black- and Latinx-owned businesses as part of the growing Racial Equity and Justice Initiative, with SweetBio and VamosVentures just the latest to be on the receiving end of Apple's fund.
As part of Apple's recently launched Racial Equity and Justice Initiative (REJI), the company has invested a collective $50 million into a number of firms that focus on Black- and Latinx-owned businesses, including VamosVentures.
In terms of the biotech company, Apple says SweetBio was founded by a company that originated from Puerto Rico and specializes on the power of honey.
SweetBio was founded by sister and brother team Kayla Rodriguez Graff and Isaac Rodriguez, whose family is from Puerto Rico. Their goal is advanced wound care for all, and to achieve this, they've harnessed the power of a surprising source: honey. Specifically, Manuka honey, which is derived from bees pollinating the Manuka tree and has been shown to have antibacterial and healing properties, according to some studies.
VamosVenures also happens to be a VC outfit that has helped fund SweetBio in the past, too.
SweetBio is one of a number of Latinx-founded companies that has received funding from VamosVentures, a venture capital impact fund that invests in diverse, technology-enabled companies across the country.
You can read more about the new announcement, and SweetBio in particular, in Apple's Newsroom announcement..
Apple's REJI program focuses on education, criminal justice reform, and economic equality and you can read much more about Apple's work on the REJI webpage, too. That's also where you'll find more information about the particular work Apple is doing in various fields relating to its initiative.
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