Goldman Sachs Group Inc. said it’s doubling a commitment to investing in companies run by women and people of color to US$1 billion.

The Wall Street giant said it has poured US$450 million into qualifying under-represented entrepreneurs and investors since the “Launch with GS” program began in 2018, according to a statement Thursday. Among them are BentoBox, which hosts websites for restaurants, and Burst Oral Care, a California-based seller of dental products.

The bank’s original US$500 million commitment was intended to funnel venture capital to women-owned companies but expanded to include people of color in 2019. Initiatives for Black women and diverse-led businesses have “overlapping goals,” and returns on such investments are supported by data-driven research, said Suzanne Gauron, the Goldman Sachs managing director who is spearheading the effort.

Earlier this month, Goldman committed US$10 billion to assist 1 million Black women by 2030. The bank announced a board of high-profile Black women to decide how the funds will be dispersed, including Walgreens Boots Alliance Inc. Chief Executive Officer Rosalind Brewer, former U.S. Secretary of State Condoleezza Rice and actress, writer and producer Issa Rae.