Fearless Founder and CEO Delali Dzirasa has secured $17 million in financing to expand his digital services company.
According to a news release sent to AfroTech, the investment has led to the establishment of a second division Fearless Guides, which will focus on ensuring “the people and organization enablement” will prosper.
The expansion is expected to help the company reach 100 million individuals across 10 countries while they aim to generate $1 billion in revenue by 2030.
“For the past 14 years, Fearless has been using technology to make an impact in the lives of our customers and the people they serve. During this next phase of our growth, tech will continue to be a core part of how we make a difference, but it’s not what will be driving our work,” said Dzirasa in a news release. “The future of Fearless will be about the impact we make, not the tech we build. It’s easy to say you want to make a difference. Our goal is to actually move the needle in our core focus areas of efficient government, social justice, human life, and quality living.”
The investment was fueled by financing from Truist Bank and Maryland Small Business Development Authority (MSBDFA). Already, Fearless is looking to raise an additional $10 million in capital by the end of 2023.
“BIPOC entrepreneurs face many barriers, and one of the biggest is lack of access to capital. Representation matters, so we hope our success in this initial round of financing can serve as inspiration to others,” explained Dzirasa in a news release. “We couldn’t have gotten where we are today without the support of others, and community is only going to be more important as we move forward in our vision for the future. To make the widespread impact in our core focus areas that we want, we can’t do it alone. We hope everyone — whether they’re investors, future team members, or customers — will join us on this journey. Together, we can change the world.”
Furthermore, with the announcement comes new changes in leadership at the company. John Foster will transition from Fearless’ Chief Operating Officer to Chief Impact Officer while Dzirasa will continue to operate as Chief Executive Officer.
“We’re facing some enormous, urgent problems in our society – loss of life, inefficient government, social injustice, lack of quality living. As business leaders, we have a responsibility to use all the tools at our disposal to solve these big problems; we can’t continue to rely on the nonprofit sector to do this. To harness the power of business for good, we have to align impact and profit,” Foster said in a news release.