Costco Wholesale, a Nasdaq-listed retailer, has committed $1m to Fearless Fund, a US-based venture capital firm set up to invest in women of colour (WOC).
Costco’s investment marks a string of corporate interest in the fund, following recent investments from PayPal and Bank of America. Fearless Fund expects to continuously expand its investor base.
Launched in 2019, Fearless Fund invests in WOC-led businesses seeking pre-seed, seed level or series A financing in the technology, consumer products, beauty and fashion industries. Its deals include backing Roshawnna Novellus of EnrichHER, Alicia Scott of Range Beauty, Angel Lenise, Montre Moore and Phyllicia Phillips of AMP Beauty, Tracey Pickett of HairBrella, Angela Benton of Streamlytics, and Sheena Allen of Capway.
It also runs Fearless Foundation, a 501c3 organisation with a goal to educate entrepreneurs through training, reduce racial inequities, and empower African-Americans to gain access to capital, as well as the Get Ready Venture Program, a 12-month training program for WOC business owners.
Craig Jelinek, president and CEO of Costco, said: “We are excited to support the Fearless Fund and applaud their efforts toward providing venture capital funding for women of color-led businesses.”
Arian Simone, general partner and co-founder of Fearless Fund, added: “This investment from Costco is an exciting addition to our fund, as it exemplifies the truth that large corporations are seeing the unmatched and undervalued potential of women of color founders, and are willing to assist in closing the gap that exists in VC funding for them.”
