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Fearless Fund at this time stated it has obtained a multi-million-dollar follow-on funding from Bank of America, Costco and MasterCard for its second fund, although it declined to share how a lot the brand new funding was. All of the restricted companions on this follow-on funding are returning traders.
Launched in 2019 by Arian Simone, Keisha Knight Pulliam and Ayana Parsons, Founders Fund invests in early-stage client and know-how startups based by girls of coloration. Its portfolio contains Partake Foods, Slutty Vegan and Bread Beauty.
The agency launched Fund 2 final 12 months, and thus far has invested in 5 corporations, writing checks of as much as $2.5 million. The first fund was $25.8 million, and the second goals to lift a minimum of double that quantity.
“We envision the Fearless Fund growing its portfolio of diverse and innovative companies, helping them scale and achieve long-term success,” Simone, who can also be the fund’s basic associate, instructed TechCrunch. “We want to bridge the gap for women of color businesses to access venture capital funding and provide them with the necessary support and resources.”
Simone stated Fearless Fund additionally desires to launch extra academic initiatives and increase the Fearless Foundation and Get Ready Venture Program to assist present mentorship and data to girls founders.
The enterprise agency stated it and MasterCard would host its third annual Fearless Strivers Grant Contest, which awards $20,000 grants to small companies based by Black girls. The agency may also host its second Fearless VC Summit, with Costco, on August 18 in Atlanta. In addition, it plans to associate with lenders to supply debt financing options to small companies led by girls of coloration.