Arctaris Impact Investors Fuels Growth for Baltimore Firm
Arctaris Impact Investors Fuels Growth for Baltimore Firm
Arctaris Impact Investors, LLC, a leading impact investment firm, is committed to driving growth and revitalization in underserved communities. Recently, they closed a pivotal New Markets Tax Credit (NMTC) deal with Fearless Talent, LLC, also known as Fearless Guides. This financing initiative is set to create 50 new jobs, providing meaningful employment opportunities at wages above the living wage threshold. Moreover, these positions are designed to be accessible to individuals without a college degree, reinforcing Fearless’s commitment to inclusivity.
Empowering Entrepreneurship Through Hutch
A cornerstone of this initiative is Hutch, a business accelerator program created by Fearless. This program is tailored specifically for underrepresented entrepreneurs, offering them critical resources to build successful digital services firms for government operations. Hutch provides essential mentorship, practical tools, and community support, fostering an environment where budding entrepreneurs can thrive and make an impact in civic technology.
Uche Osuji, Managing Director of Arctaris Impact CDE, expressed enthusiasm for the project, noting, "Helping to bridge the wealth gap is a fundamental goal for us at Arctaris. Collaborating with Fearless and leveraging the NMTC program allows us to support the generation of quality jobs while fostering economic inclusivity." This initiative aligns perfectly with Arctaris’s mission to invest in growth-oriented businesses and projects.
Fearless: Transforming the Tech Landscape
Fearless has distinguished itself as a leader in the Baltimore region, currently recognized as the largest software company and the most prominent minority-owned business. In 2023, the company announced a strategic evolution towards becoming an impact-driven digital services integrator. This transition represents a commitment to building software solutions that not only meet technical needs but also contribute positively to societal welfare.
Fearless operates through two distinct divisions: Fearless Digital, which focuses on engineering innovative tech solutions, and Fearless Guides, dedicated to organizational empowerment and skills development.
Expanding Workforce Development Efforts
The NMTC funding will significantly enhance Fearless Guides’ offerings to expand workforce development initiatives. Will Seamans, President of Fearless Guides, stated, "This funding presents an exciting opportunity to deepen our impact by nurturing a diverse pipeline of technologists. Our goal is to create economic empowerment pathways for individuals from varied backgrounds through proactive workforce development programs." Fearless is committed to advancing diversity in the tech field, ensuring that all perspectives are included in its operations.
Additionally, Fearless has set ambitious goals for 2030, aiming to improve the lives of 100 million people globally, establish operations in ten countries, and reach $1 billion in revenue. Their work spans numerous government agencies at federal, state, and local levels, striving to enhance efficiency and promote equitable societal outcomes.
Building a Diverse Workforce for the Future
At the heart of Fearless’s strategy is a determination to cultivate a workforce reflective of the communities it serves. Currently, the company's workforce comprises 47% BIPOC individuals and 46% women. Fearless has established partnerships with Historically Black Colleges and Universities (HBCUs) and community colleges to create internship programs and training that equip students for future careers in technology fields including engineering, design, and artificial intelligence.
About Arctaris Impact Investors, LLC
Founded in 2009, Arctaris Impact Investors, LLC has extensive experience in managing funds dedicated to growth-oriented investments in underserved areas. With a strong commitment to delivering above-market returns alongside positive social impacts, they collaborate with numerous public and private sector partners to support development in Opportunity Zones and rural communities.
About Fearless
Fearless is an innovative digital services integrator, deeply committed to enhancing the effectiveness of government services while fostering an equitable world. Through its mission-driven approach, Fearless collaborates with various agencies to provide human-centered digital solutions that strive to improve lives at all levels.
Frequently Asked Questions
What is the primary goal of Arctaris Impact Investors?
Arctaris Impact Investors aims to support revitalization projects in underserved communities while achieving above-market returns through strategic investments.
How many jobs will the NMTC financing create?
The NMTC financing will create 50 jobs that pay above a living wage and are accessible to individuals without a college degree.
What is the Hutch program?
Hutch is a business accelerator that provides support and mentorship to underrepresented entrepreneurs, helping them build successful firms in the digital services sector.
What accomplishments does Fearless aim to achieve by 2030?
Fearless aims to impact 100 million lives, operate in 10 countries, and reach $1 billion in revenue by 2030.
How does Fearless contribute to workforce development?
Fearless promotes workforce development by creating partnerships with educational institutions to prepare students from diverse backgrounds for careers in technology and related fields.
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