US-listed credit card provider Mastercard has committed an undisclosed amount to Fearless Fund, a venture capital fund investing in women of colour-led startups.
Fearless Fund targets startups in consumer packaged goods, food and beverage, beauty, fashion, and technology sectors.
Michael Froman, president of strategic growth at Mastercard, said: “We are investing in Fearless Fund and partnering to bring innovative programs to market to help Black women founders get access to the capital and resources they need to achieve their full potential.”
Arian Simone, co-founder and general partner of Fearless Fund, added: “We have been working together with Mastercard for almost three years now.”
Separately, design and marketing consultancy R/GA is expanding its venture studios program to target black-led and black-owned startups.
Davyeon Ross, an R/GA entrepreneur in residence, is leading the Coalition Venture Studio, which has signed up as partners Andreessen Horowitz’s TxO Initiative, Harlem Capital, Collab Capital, Ohub, Mac Venture Capital and Gingerbread Capital.
