Venture firm Growth Warrior Capital recently announced that they have raised $26 million in their inaugural fund.
Announced last week, the Black-woman-led venture firm, created by former Silicon Valley tech CEO Promise Phelon, will use the funding to invest in enterprise companies that are set to revolutionize artificial intelligence. According to the press release, partners of Growth Warrior Capital include Bank of America, Foundry, Pivotal Ventures, Bessemer Venture Partners and Amazon Catalytic Capital.
AI companies that the venture firm has already invested in include Barometer and ForceMetrics. Founded by Dr. Tamara Zubatiy, Barometer is an AI-enterprise that is looking to implement the tool for brand suitability in audio advertisement. Meanwhile, ForceMetrics aims to use AI to provide safer policing, providing first responders with actionable data, situational context, data sources and trends to make informed decisions.
In the news release shared with AfroTech, Phelon emphasized her mission to be the first venture capital firm run by a Black woman who provides funding on “a significal scale.”
“We have the backing of VC industry legends, and their support is proof of GWC’s mission to change the traditional model. We find dangerous founders and bridge gaps to give them opportunities, introductions, and support they otherwise wouldn’t have,” said Phelon per AfroTech. “As a former founder and operator, I see both the founder perspective and the investor perspective, so we’re able to go beyond capital in the value we create.”
Women have long been underrepresented in the venture capital firm business. In recent years, however, the number of women who run their own venture capital firm has expanded exponentially. Per the Venture Capital Journal, there are more than 380 women-led venture capital firms, marking a 400% increase in a short number of years.
For Black women, however, the journey to increased representation amongst VC firms has not been without struggles.
In 2023, Atlanta-based VC firm The Fearless Fund was embroiled in a public court case filed by conservative Edward Blum; Blum has filed multiple lawsuits against various companies, alleging discrimination following the end of affirmative action. Throughout the year-long court case, the VC firm was forced to defend their Strivers Grant contest which awards BIPOC women entrepeneurs with $20,000. Following a June 2024 ruling in which the Supreme Court ruled against them and suspended their program, the Fearless Fund announced that they officially ended the program in September.
Since then, the Fearless Fund has not strayed from their original mission, working alongside investors to bridge the gap in VC funds for BIPOC women.