Andreessen Horowitz is launching a new $15 million venture fund backed by black celebrities, according to the Wall Street Journal.

Will Smith, Kevin Durant, and Sundial Brands CEO Richelieu Dennis have reportedly already signed on as limited partners to the fund.

Andreeseen Horowitz will reportedly donate investment returns toward nonprofits that aim to spur the black community's engagement in tech.

Silicon Valley venture firm Andreessen Horowitz has launched a new fund that will partner exclusively with black celebrities, athletes, and media figures, according to the Wall Street Journal.

Already, the firm has secured high-profile backing from actor Will Smith, NBA star Kevin Durant, and the founder of beauty line Sundial Richelieu Dennis, the Journal reports.

The $15 million fund, which will reportedly operate alongside Andreessen Horowitz's $1.5 billion fund, won't function like a traditional venture fund; instead, investment returns will go towards nonprofits that aim to spur the black community's engagement in tech.

Andreessen Horowitz's new fund is just one among a growing movement in venture capital to diversify the industry's overwhelming white and male demographic. In May, Backstage Capital launched a $36 million fund to invest exclusively in businesses backed by black female founders.

Read the full story over at the Wall Street Journal.