General Mills has announced its venture capital branch, 301 INC, is investing a combined $15 million into two early-stage funds, Fearless Fund and Supply Change Capital.
Both funds are women and BIPOC led and represent, General Mills says, the company’s commitment to, “standing for good and promoting racial and gender equity in representation through economic opportunity for minority and female food entrepreneurs.”
“Access to capital is one of the most prominent hurdles to women of color reaching their potential as founders, despite having an excellent track record in building successful businesses built on great ideas,” Fearless Fund General Partner and Co-founder Arian Simone said in a release. “We are thrilled to grant General Mills investment dollars to women of color who are looking to cook up the next revolutionary culinary brand.”
Fearless Fund is an Atlanta-based fund that invests in women-of-color-led businesses seeking pre-seed, seed, or Series A funding. Supply Change Capital is a Los Angeles-based women and Latina-led fund that invests in businesses, “at the intersection of food, culture and technology” with a focus on sustainability, health, and diversity.
“Food and food systems are at the heart of our culture and economy,” Supply Change Capital Co-founder and Managing Partner Noramay Cadena said in the release. “As the multicultural consumer population in the U.S. grows, we are focused on unlocking change in the venture ecosystem to infuse women and people of color with the capital they need to shape our future food landscape. We’re thrilled to have the support of General Mills in our network.”