The Atlanta-based venture fund manager has made its first deal since it shut down its grant program for Black women business owners as part of a settlement with the American Alliance for Equal Rights.
Fearless Fund made a seven-figure investment in Zimi, a company that aims to break down barriers to trade for African merchants by making it easier, faster and cheaper to sell their products globally. The company, launched in August, touts its “Amazon Prime-like” fast-delivery service that’s up to 80% cheaper than alternative shipping methods.
Fearless Fund made the investment through its second venture fund, backed by Bank of America, Costco and Mastercard. The capital will go toward Zimi’s ongoing funding round that is also backed by Y Combinator.
Returns on inclusion
Fearless Fund, which invests in tech-enabled consumer businesses led by women of color, “is actively diligencing numerous opportunities,” the fund’s co-founder Arian Simone told TechCrunch. Fearless Fund’s other co-founder Ayana Parsons stepped down as chief operating officer in June.
Simone says the firm remains steadfast in its commitment to funding women of color founders. She recently announced plans to roll out a $200 million debt fund with a community development financial institution that will offer loans ranging from $5,000 to $250,000 to under-resourced founders.
