Immersive code school Iron Yard, in collaboration with Code Fellows and Operation HOPE, has announced the launch of a Tech Opportunity Fund aimed at increasing diversity in the tech industry.

With the goal of providing $100 million in need-based scholarships over five years to students from groups currently underrepresented in the tech workforce, including women and people of color, Iron Yard and Code Fellows will commit $40 million and $5 million, respectively, for scholarships at their campuses in twenty-four U.S. cities. Qualified students who are accepted into a participating code school will be able to apply for the scholarships beginning in January 2017. The organizations hope to raise the remaining funds from employers, code schools, and civic organizations.

In addition to technical skills training, scholarship recipients will receive basic financial literacy and entrepreneurship training to be provided by Operation HOPE. To remove other barriers that can prevent people from pursuing a code school education, the fund plans to partner with city-level government agencies and nonprofits to help students access affordable housing, counseling, and transportation, as needed.

"There is no one-size-fits-all solution that will increase access to tech education and improve diversity in the workforce," said Iron Yard CEO Peter Barth. "The Tech Opportunity Fund approaches these issues holistically and coordinates local and national resources to provide students with both academic opportunity and the support system they need to be successful."