Fearless Fund Announces A 7-Figure Investment In New Startup Post-Lawsuit
Venture capital firm Fearless Fund has announced a seven-figure investment in Zimi, an emerging e-commerce platform.
Zimi, co-founded by Audrey Djiya and Peter Nsaka, specializes in inventory management, storage, and logistics to help businesses in emerging markets, particularly Africa, expand globally.
This latest investment reaffirms Fearless Fund’s continued commitment to supporting underresourced founders, including women of color, following its year-long legal battle with the American Alliance for Equal Rights (AAER) over its grant program for Black women founders.
Fearless Fund Backs Zimi
Zimi launched in August with the goal of simplifying cross-border logistics for African businesses aiming to expand globally.
While the exact investment figure has not been disclosed, the deal with Zimi closed in late September, with Fearless Fund acting as the lead investor. Zimi is also raising additional funding as part of its round, which is expected to close soon.
Co-founder Audrey Djiya noted that Fearless Fund’s experience in consumer brands and its international presence will be vital as Zimi continues to scale.
“Further, Fearless’ experience with working with consumer brands, who we’re building for, and international presence, will be helpful to Zimi in the long run,” Djiya told TechCrunch. “We also really love the team.”
The company plans to use the fresh capital to hire new staff and incorporate artificial intelligence into its logistics services.
Fearless Fund Remains Committed To Its Mission
The announcement comes shortly after Fearless Fund resolved a lawsuit filed by AAER, which claimed that the firm’s grant program for Black women founders discriminated against non-Black entrepreneurs.
The year-long legal battle resulted in a preliminary injunction that paused the grant program. Last month’s settlement brought an end to the cas and confirmed the termination of the grant program.
Despite these setbacks, CEO Arian Simone reaffirmed Fearless Fund’s commitment to its mission, emphasizing that the firm has completed several deals this year.
Alongside the Zimi investment, the firm recently launched $200 million debt fund in partnership with a community development financial institution (CDFI), providing loans of $5,000 to $250,000 to “under-resourced founders.”
Feature Image Credit: ClicheMag
