ImpactAlpha, April 14 — Minneapolis-based General Mills backed the pair of women of color-led funds as part of its commitment to advance racial equity and promote equity for underrepresented female food entrepreneurs.
“Closing this gap means more great innovation in our food system — from new concepts to emerging food technologies — and more inclusive cycles of opportunity for entrepreneurs, companies and communities,” said General Mills’ Doug Martin.
The food giant made the investments in the two funds via its corporate venture arm, 301 INC. Atlanta’s Fearless Fund and L.A.-based Supply Change Capital both are led by first-time fund managers.
Black women-led Fearless, which invests in high-growth ventures run by women of color, has raised capital from Bank of America, PayPal, LISC and Mastercard. Latinx women-led Supply Change backs early-stage food and food tech founders focused on sustainability, health and diversity.