Globant, an Argentine multinational tech company focused on IT and software development, announced on Thursday (11) the launch of a $10 million venture fund called BeKindTech Fund. According to the company, the new initiative aims to tackle the negative societal effects created by the misuse or misapplication of technology.
The BeKindTech Fund will support and invest in startups that develop technology and applications to tackle the misapplication, misuse, and abuse of technology. The new fund pursues funding opportunities to startups via equity or convertible note formats, with rounds between $100,000 to $1 million, from Seed stage to Series A. Partners who may want to co-invest in these tech startups would be able to follow the rounds.
Globant will open a call for applications from tech startups globally who are seeking investment and support for their work focused on tackling the negative collateral effects caused by the misuse of technology.
The new fund is an initiative from Globant Ventures, the company’s venture capital arm, which will evaluate each submission. The purpose and the ability to make effective changes in user behavior and multiply good practices will be key elements for selection.
Martín Migoya, Globant CEO and co-founder, explains that tech improves lives around the world and spurs innovation, however when misapplied or misused, its impact can be truly negative, ranging from texting and driving to screen time abuse to social media addiction.
Recent events, studies, and reports have created broader awareness around the consequences of the misuse of social networks, AI bias, and information or filter bubbles, among other challenges. “This needs to be addressed to ensure tech is beneficial for humanity as a whole, and we need to act now”, he says.