The FAMU Foundation, yesterday, announced that it has invested $150,000 into a venture capital fund (VC) built by women of color, for women of color, and led by two FAMU alums, Arian Simone and Ayana Parsons.
This investment marks FAMU’s first in a Black-led VC firm.
The Fearless Fund says it will use the money to grow its ever-expanding portfolio of women of color-led businesses seeking pre-seed, seed level or series A financing.
Paypal, Bank of America, Invest Atlanta and Costco have all recently invested in the Fearless Fund.
“This marks an historic moment for the FAMU Foundation. We are charged with investing in and for the future of our great institution. We expect this investment to pay dividends for generations to come,” said Shawnta Friday-Stroud, Ph.D., vice president University Advancement and executive director of the FAMU Foundation.
“This investment from FAMU is an exciting addition to our fund and furthers our mission to bridge the gap in VC funding for female founders of color,” said Arian Simone, general partner and co-founder of the Fearless Fund. Simone and Parsons were members of the incoming class of 1999. “As an alumnus of Florida A&M University, having them invest in what we are building with the Fearless Fund means all the more to me,” Simone added.
They say their current goal for the fund is to invest in more than 40 women of color-founded startups in the tech, CPG, beauty and fashion industries.
