The IGDA Foundation (IGDA-F) has teamed up with Grant for the Web to create the Diverse Game Developers Fund.
The new initiative will see more than $300,000 be distributed between marginalised game developers and students worldwide.
More specifically, $200,000 will be used to aid small independent studios in the creation of prototypes, while $50,000 has been set aside for educational scholarships. The remaining funds are to be cash prizes in game jams.
"This collaboration with IGDA-F really shows there's potential to decentralise privilege in creative industries like gaming," said Briana Marbury, executive director of the Interledger Foundation which runs Grant for the Web.
"Innovators from diverse backgrounds have historically been excluded as leaders in emergent technologies, and it's our hope to change that.
"Through business models based on open standards and distributed ownership, we're striving to ensure all voices are heard and contribute to the efforts of advancing Web Monetisation."
To ensure the money is used wisely and according to the IGDA-F's mission, a steering committee has been formed.
There are a number of industry experts on the committee, including Vlambeer co-founder Rami Ismail and former Microsoft game publishing vice president Edward Fries.
Other members include WINGS Interactive chief executive officer Cassia Curran, Patreon head of policy Laurent Crenshaw, Game Jolt CEO Yaprak DeCarmine and Shark Tank consultant Brandon Andrews.
"Grant for the Web and the IGDA Foundation both seek to empower devs and users in the realm of technology," said IGDA-F executive director Nika Nour.
"In a world where traditional investment funding isn't equally available to all, this initiative will allow us to support marginalised game developers around the globe while educating the community on alternative monetisation models they may not have considered."
You can visit the website for more information or to apply for the Diverse Game Developers Fund.