Fearless Fund wants to change the game. It has launched a $5 million venture capital fund for women of color-owned businesses.
Startups by women of color sorely need funding. “In 2018, U.S. companies raised a total of $130 billion in VC funding. A mere 2.2 percent of that total went toward female-founded companies and less than 1 percent of total funding was allocated toward businesses founded by women of color,” Finesmes reported.
Fearless Fund is led by entrepreneur Arian Simone and actress/entrepreneur Keshia Knight Pulliam, the fund bridges the gap in venture capital funding for women of color founders by backing them as they seek pre-seed, seed level, or series A funding. Among the fund’s early investors are actress and producer Marsai Martin (“Black-ish”), Atlanta OBGYN, Dr. Jacqueline Waters (“Married to Medicine”), Chattanooga VC fund, The JumpFund, to name a few.
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“The Fearless Fund invests in women of color-led businesses seeking pre-seed, seed level, or series A funding. With a mission of bridging the gap in venture capital funding for women of color founders building scalable, growth aggressive companies, Fearless Fund is built by women of color for women of color,” according to a press statement.
Beyond offering a source of capital, the Fearless Fund also features a mentor program, and leverages its network to build out an optional Celebrity Equity-Based Endorsement program, which focuses on connecting companies with celebrities for influencer marketing campaigns.
The fund currently has five companies in its portfolio including Ellis Island Tea founded by Forbes 30 Under 30 entrepreneur Nailah Ellis-Brown. Brown is the first African-American female to ever own a beverage production facility.
The fund’s founders know a thing or two about startups. Simone is the founder and CEO of Arian Simone Enterprises and Pulliam is the founder of spice line Keshia’s Kitchen, podcast Kandidly Keshia and non-profit The Kamp Kizzy Foundation.
