The program awarded 150 women of color business owners monetary grants, educational resources, and peer coaching, powered by the Tory Burch Foundation and Goldman Sachs One Million Black Women.
ATLANTA, April 20, 2022--(BUSINESS WIRE)--Fearless Fund, the first venture capital fund built by women of color, for women of color, peer coaching platform The Cru, the Tory Burch Foundation, and Goldman Sachs One Million Black Women today announces its incoming class of 150 women of color-led businesses selected from their recent grant program.
Collectively, $2,000,000 was dispersed to 150 women of color entrepreneurs, with grants ranging in size from $10,000 - $20,000. In addition to funding, each recipient has been granted access to a community of founders of color and peer-coaching services to serve them and their ventures.
"The Fearless Fund team is elated to welcome these 150 passionate and deserving women of color to our grant program alongside The Cru, The Tory Burch Foundation, and Goldman Sachs One Million Black Women," said Arian Simone, General Partner and Co-Founder of Fearless Fund. "To provide these women with the capital and support they merit is one of the most rewarding aspects of our work at The Fund, and we cannot wait to see what all they accomplish in the years to come."
This program is unique in that it provides founders with the trifecta of resources required to make their business a success – capital, content, and community. The community aspect is critical, with The Cru providing founders with an exceptional circle of diverse, like-minded peers based on their demographics, goals, personality, and values to help each one realize their intentions.
"We’re thrilled to partner with Tory Burch Foundation, Fearless Fund, and Goldman Sachs One Million Black Women to provide women of color founders the resources and community that will accelerate their businesses and the innovation economy," said Tiffany Dufu, Founder and CEO of The Cru.
Selected entrepreneurs span industry categories, including hospitality, tech, food and beverage, health and wellness, agriculture, beauty, haircare, education, more, and geographical location, consisting of women from 25 states and Washington D.C. A complete list of selected businesses can be found HERE.
"We know that Black women are starting businesses faster than any other demographic group in the country, and small businesses have always been a key economic driver of the American economy," said Valerie Jarrett, Goldman Sachs’ One Million Black Women Advisory Council Member. "By investing in women of color-led businesses, we have the potential to support Black women in fully realizing their dreams, while dramatically improving the economic outlook for entire communities."
"We are thrilled to partner with the Fearless Fund and The Cru to invest in businesses led by women of color as these organizations have a proven track record of empowering women entrepreneurs," said Dina Powell McCormick, Goldman Sachs’ Global Head of sustainability and inclusive growth. "After listening to thousands of women from across the country, we’ve heard repeatedly that Black women need equitable access to capital, mentors, and networks. This partnership, with the Tory Burch Foundation leading the way, is an important step to address this need and support Black women entrepreneurs to build thriving businesses."
"Small business owners make such a tremendous impact on their communities," shared Tory Burch, founder of the Tory Burch Foundation. "Our partner organizations are uniquely positioned to help these founders truly thrive."
About Fearless Fund
Fearless Fund invests in women of color-led businesses seeking pre-seed, seed level or series A financing. Our mission is to bridge the gap in venture capital funding for women of color founders building scalable, growth aggressive companies. For more information on Fearless Fund, please visit www.fearless.fund.
About The Cru
Founded by Tiffany Dufu in 2018, The Cru matches diverse, mid-career women in accountability circles. 58% of their members are women of color. It’s the fastest-growing peer coaching platform that offers personalization based on individual goals. The Cru is made up of thousands of members who crave an affordable and structured way to build meaningful relationships, expand their network, and realize their life intentions. The Cru’s model is virtual (with the exception of an intimate in person annual Summit) — supported by robust digital tools and exclusive events which offer individuals the opportunity to connect, collaborate, and support one another regardless of geography. For more information, please visit thecru.com.
About the Tory Burch Foundation
Founded by fashion designer Tory Burch, the Tory Burch Foundation empowers women and women entrepreneurs by providing access to capital, education and digital resources. Learn more on ToryBurchFoundation.org.
About the One Million Black Women Initiative
In partnership with Black-women-led organizations, financial institutions and other partners, Goldman Sachs has committed $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic. The initiative, One Million Black Women, is named for and guided by the goal of impacting the lives of at least one million Black women by 2030. Learn More
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