Fearless Fund Research
Investment Thesis
Fearless Fund is the first venture capital firm built by women of color (WOC) exclusively for women of color. Founded with a mission to bridge the significant funding gap that exists for women of color entrepreneurs, Fearless Fund invests in resilient, high-growth ventures led by exceptional women of color founders. The firm believes that diverse leadership brings stronger returns and addresses critical market inefficiencies in venture capital allocation.
Mission and Focus
Fearless Fund is a DEI-focused venture capital firm dedicated to providing capital and operational support to under-resourced entrepreneurs, particularly women of color-led businesses. The firm operates with a conviction that women of color founders are exceptional entrepreneurs who build scalable, sustainable businesses but face systemic barriers to capital access. By investing exclusively in WOC-led ventures, Fearless Fund aims to not only generate competitive returns but also advance economic inclusion and equity in the venture capital ecosystem.
Stage Focus
Fearless Fund invests across early-stage companies:
- Pre-Seed: Early ideation with proof of concept
- Seed: Functioning product with initial customer traction
- Series A: Product-market fit with growth trajectory
The fund strongly prefers companies with at least one full-time founder, sustainable competitive advantages, and scalability potential exceeding $20 million in 5-year projections.
Check Size
Typical investment range: $250,000 - $500,000
- Initial investments: Up to $3 million maximum
- Target ownership: Minimum 10% of portfolio companies
- Focus on founder-friendly terms with constructive partnership approach
Investment Criteria
The firm looks for:
- Strong Management: High-quality, resilient teams with deep industry knowledge and execution capability
- Sustainable Competitive Advantage: IP, trade secrets, disruptive technology, or valuable partnerships
- Formal Business Structure: C-Corporations or LLCs with clear path to incorporation
- Scalability: Proof of concept, preferably MVP with customer traction
- Clear Exit Strategy: 5-year financial projections and well-researched exit pathways
Portfolio Highlights
Fearless Fund has invested in 37+ companies across diverse sectors. Notable portfolio companies include:
Beauty & Personal Care:
- Bread Beauty Supply (founded by Bella Bernard)
- The Lip Bar (Melissa Butler)
- Range Beauty (Alicia Scott)
- Kushae (intimate wellness)
- Pamper Nail Gallery
Food & Beverage:
- Slutty Vegan (Pinky Cole) - Atlanta-based plant-based restaurant
- Partake Foods (Denise Woodard) - gluten-free baked goods
- Fresh Bellies (Saskia Sorosa) - organic baby food
Fashion & Lifestyle:
- The Folklore (Amira Rasool) - Black-owned luxury fashion
- Thirteen Lune (Nyakio Grieco) - sustainable, ethical luxury
- Shearshare - chair rental for beauty professionals
- AirPals - travel and lifestyle
Technology & Services:
- Goalsetter (Tanya Van Court) - financial literacy for youth
- CareCopilot (Alyse Dunn) - healthcare navigation
- CLEVR AI (Auria Moore) - AI-powered solutions
- CommunityX - community technology platform
- Streamlytics - data analytics
- Capway - fintech solutions
- Ground - professional services platform
Other Notable Companies:
- Air Protein (Dr. Lisa Dyson) - sustainable protein technology
- Bitsy's (Gabrielle Union) - entertainment
- MindEasy - mental health
- Resilia - resilience training
- Travelsist (Veronica Woodruff) - travel services
- MYLE - consumer goods
- Myya - beauty tech
- EnrichHER - professional development
Geographic Focus
Primarily United States-focused with emphasis on underserved and underrepresented communities. Strong portfolio concentration in the Southeast (Atlanta headquarters influence) but expanding nationally.
Team
Arian Simone - Chief Executive Officer and Founding Partner Serial entrepreneur, philanthropist, angel investor, author, and PR/marketing specialist. Arian brings deep expertise in entertainment, media, and business development. She is recognized as a thought leader in diversity and inclusion within venture capital. Board member of Steven Madden Ltd.
Rodney Sampson - Fund Advisor Serial entrepreneur who cofounded Multicast Media Technologies, EFactor, and Intellectual Currency. Executive Chairman & CEO of Opportunity Hub. Nonresident Senior Fellow at Brooking Institution. Former Head of Diversity at Mark Burnett Productions (including Shark Tank). Professor of Entrepreneurship at Morehouse College.
Suneera Madhani - Fund Advisor Founder of Stax Payments, which she built from concept to $100M+ recurring revenue as a billion-dollar fintech platform. First female CEO to lead a unicorn out of Florida. Recognized by Fortune's 40 Under 40, EY Entrepreneur of the Year, and Inc.'s 100 Female Founders.
Recent Activity & Fund Status
Fearless Fund has deployed capital consistently, with recent investments including:
- December 2024: Zimi (Seed funding)
- April 2025: Starday (recent investment)
- Ongoing active deployment from core fund
The fund is actively deploying from its capital base and recently (October 2025) launched the Fearless Global Initiative, expanding its mission beyond US-based investments to support entrepreneurs globally. This reflects renewed commitment and growth trajectory post-2024 settlement.
Fund Status: Actively deploying Last Known Activity: April 2025 Notable Recent: Launched Fearless Global Initiative (October 2025), expanding international investment operations
Decision Process & Timeline
Decision-making appears to be collaborative with CEO leadership involvement given the partnership-oriented approach. The firm emphasizes relationship-building with founders and takes pride in being accessible and supportive beyond capital provision.
Lead Tendency
Fearless Fund typically follows or co-invests rather than leading rounds independently, given fund size and stage focus. Participates actively in syndicated deals within the seed/Series A range.
Founder Preferences
The firm explicitly targets:
- Women of color founders - non-negotiable criteria for core venture fund
- Resilient, execution-focused teams - proven ability to navigate challenges
- Full-time commitment - at least one founder fully dedicated to venture
- Authentic vision - genuine passion for solving meaningful problems
- Founder-led operations - teams that maintain control and vision of their companies
The firm has shown affinity for founders with media/entertainment backgrounds, consumer products (beauty, food, fashion), and social impact focus.
Operational Support & Value-Add
Beyond capital, Fearless Fund provides:
- Strategic operational guidance
- Network access to partners, advisors, and co-investors
- Fundraising support for subsequent rounds
- Public advocacy and visibility for portfolio companies
- Connection to resources and expertise within their network
The firm's founders have built careers in entertainment, media, and operations, bringing practical business expertise.
Fund Performance & Exits
Portfolio companies have achieved meaningful scale. Several notable exits and successful builds:
- Multiple acquisitions and strategic partnerships
- Portfolio companies achieving significant revenue and user metrics
- Strong founder satisfaction and repeat founder support
Market Position
Fearless Fund is the pioneering VC firm exclusively focused on WOC entrepreneurs. This unique positioning has created strong brand equity, founder trust, and media attention. The firm has positioned itself as a thought leader in DEI and economic inclusion within venture capital.
2024-2025 Developments
In September 2024, Fearless Fund settled a high-profile lawsuit regarding its grant program criteria. The settlement required closing the contested grants program but did not impact the core venture capital operations. This demonstrated the firm's resilience and commitment to its mission.
Following the settlement, Arian Simone committed to expanding the fund's impact and launched the Fearless Global Initiative in October 2025, demonstrating forward momentum and increased ambition to support women of color entrepreneurs worldwide.
Investment Philosophy Summary
Fearless Fund operates with a conviction-driven approach: women of color are exceptional founders who have been systematically underinvested in relative to their capabilities and market opportunities. By focusing exclusively on this demographic, the firm not only addresses a significant market inefficiency but builds a portfolio of resilient, execution-focused entrepreneurs with strong networks and proven ability to overcome systemic barriers. The combination of capital, operational support, and public advocacy creates competitive advantage for portfolio companies while generating competitive returns for investors.