Mastercard Furthers Support for Black Women Entrepreneurs with Multi-Million Dollar Investment in Fearless Fund, a Venture Ca...
April 20 2021 - 07:00AM
Business Wire
Investment continues company’s Strivers
Initiative elevating and supporting Black, women entrepreneurs
Black women are building and growing businesses faster than any
other segment and yet receive less than one percent of venture
capital funding. In addition, only three percent of the people
actually leading investments at VC firms are Black according to the
National Venture Capital Association. To help further access to
funding for Black women, Mastercard today announced a multi-million
dollar investment in Fearless Fund, a venture capital fund built by
women of color for women of color.
“The significant investment gaps in women-founded companies,
which is especially acute for Women of Color, holds everyone back,”
said Michael Froman, president of strategic growth, Mastercard.
“The need to narrow this gender and racial disparity is critical in
driving forward innovation and fueling inclusive, sustained
economic recovery across our country. 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.”
The investment will allow Fearless Fund to further expand their
portfolio of women of color founded and co-founded companies in the
CPG, Food & Beverage, Beauty, Fashion, and Technology sectors.
Additionally, the social impact of the investment will have a
significant role in job creation and wealth distribution in
underserved communities.
"This multi-million dollar investment from Mastercard is further
proof of their commitment to providing resources in an effort to
better serve the hard-working but severely underfunded Women of
Color entrepreneurs who so deserve equal capital distribution. We
have been working together with Mastercard for almost 3 years now
and look forward to growing this relationship," says Arian Simone,
Co-Founder & General Partner of Fearless Fund.
Mastercard has long been an advocate for the small business
community and reinforced its investments to support Black
communities with the introduction of its Strivers Initiative
earlier this year. This initiative is focused on elevating the
visibility of Black female business owners overcoming obstacles to
maintain and grow their business, while encouraging consumers and
businesses alike to shop, share and support them.
In Solidarity Across U.S. Cities
Last year, Mastercard announced a half-billion-dollar commitment
to support Black communities across the U.S. over the next five
years, to help close the racial wealth and opportunity gap starting
in seven cities. As part of that effort the company is hosting in a
series of local In Solidarity events to address financial barriers
and how to advance equitable growth. The tour includes Strivers
programming, hosted by Arian Simone, General Partner and Co-Founder
of Fearless Fund, and in partnership with Create & Cultivate,
to drive awareness on the state of Black women-owned business in
select cities across the U.S. local markets.
The Strivers events will foster dialogue with local leaders and
small businesses around delivering on the needs of local businesses
and the actions cities can take to advance an equitable business
climate. To further underscore its commitment to this community,
Mastercard and Fearless Fund launched the Fearless Strivers Grant
Contest* to provide Black female small business owners across the
U.S. who’ve been hit hardest by the pandemic with additional grants
and tools to help grow their business.
These efforts build on Mastercard’s sustained commitment to
building a more inclusive digital economy including its commitment
to bring 50 million small and medium-sized businesses into the
digital economy, specifically helping 25 million woman
entrepreneurs grow their businesses.
For more information on how Mastercard is helping close the
racial wealth and opportunity gap for Black communities across
America visit here.
Fearless Strivers Grant Contest Rules
NO PURCHASE NECESSARY. THIS IS A SKILL BASED CONTEST. Void where
prohibited. Open to black females who are legal U.S. residents
(including DC), 18+ and the principal owner of a U.S.-based small
business (as described in the Official Rules). Ends 5/23/21. For
Official Rules & complete details, Click here.
About Mastercard
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
www.mastercard.com
About Fearless Fund
Fearless Fund invests in women of color-led businesses seeking
pre-seed, seed level, or series A financing. Its mission is to
bridge the gap in venture capital funding for women of color
founders building scalable, growth aggressive companies. Fearless
Fund is built by women of color for women. For more information on
Fearless Fund, please visit www.fearless.fund.
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Mastercard Media Contacts Sarah Ely
sarah.ely@mastercard.com (914)249-6714 Margaret Williams
Margaret.williams@mastercard.com (914)249-2926 Fearless Fund
Media Contact Alexis Ford fearlessfund@azionepr.com
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