General Mills announced its venture capital arm, 301 INC, will invest a combined $15 million into two early-stage venture capital funds, Fearless Fund and Supply Change Capital. These investments are part of General Mills’ commitment to standing for good and promoting racial and gender equity in representation through economic opportunity for minority and female food entrepreneurs.
These two investments focus on supporting founders from underrepresented groups and will be designated for food-related businesses that seek to drive systemic impact and financial returns:
Fearless Fund, a fund built by women of color, invests in women-of-color-led businesses seeking pre-seed, seed-level or series A financing, with a mission to bridge the gap in venture capital funding for founders building scalable, growth aggressive companies.
Supply Change Capital, a women and Latina powered venture firm, invests at the intersection of food, culture and technology. The firm catalyzes early stage food and food tech founders with a focus on sustainability, health and diversity.
301 INC and General Mills are committed to using their scale and expertise to improve equity in food access and representation. Since the reorganization of General Mills’ corporate venture capabilities into a Disruptive Growth organization in June 2021, approximately 80% of 301 INC investment dollars have gone to minority-led or female-led food businesses, including Grub Market, Pet Plate and Everything Legendary.
General Mills has been committed to establishing and growing relationships with certified diverse suppliers in the US for more than 50 years. In 2021, the company launched a sponsorship program to fund and support diverse small businesses in attaining their Diverse Business Enterprise Certification.