The unit's second Impact Fund is double the size of the first vehicle, which it launched three years ago to tackle social, environmental and inclusion issues.

Salesforce Ventures, the strategic investment arm of US-based enterprise software producer Salesforce, launched its second Impact Fund yesterday with $100m in capital.

The fund will focus on companies developing cloud software that can help address pressing social and environmental issues in addition to those producing technology for use by foundations and non-profit organisations.

Target areas that will be addressed through the fund include tools that can promote economic inclusion and diversity, technologies that can help sustainability and address climate change, and education and skills development, in addition to social sector products.

Salesforce Ventures launched its first Impact Fund in 2017 with $50m and has invested in 26 companies through the vehicle. Three of those companies, including student aid platform developer RaiseMe and messaging software provider Hustle, have been acquired.

Suzanne DiBianca, Salesforce’s chief impact officer as well as its executive vice-president of corporate relations, said: “Now more than ever, we believe business can be a powerful platform for change.

“We must leverage technology and invest in innovative ideas to drive the long-term health and wellness of all citizens, enable equal access to education and fuel impactful climate action. Through this new fund, Salesforce will invest in companies solving the world’s most pressing social and environmental challenges.”