Arctaris Impact Investors, LLC, a national firm dedicated to revitalizing underserved communities through impact investing, has announced a significant development. On July 25, 2024, Arctaris Impact CDE closed a New Markets Tax Credit (NMTC) transaction with Fearless Talent, LLC (operating as Fearless Guides). Fearless, a minority-owned company based in a Baltimore census tract with a 26.4% poverty rate, will utilize the NMTC financing to bolster working capital. This investment is expected to create 50 new jobs, all offering above a living wage and accessible to individuals without a college degree. Additionally, the funds will enhance Fearless’s community-focused business accelerator program, Hutch.
Hutch, founded by Fearless, is a rigorous accelerator program designed to support underrepresented entrepreneurs in building successful government digital services firms. It provides essential tools, mentorship, and peer support to help businesses excel in government contracting. Unique among accelerators, Hutch is dedicated to civic tech and is managed by digital services experts committed to advancing women and minority entrepreneurs in the digital services sector.
Arctaris is enthusiastic about supporting Fearless’s growth. “Our mission includes bridging the wealth gap, and partnering with Fearless to leverage NMTC funding for creating 50 living wage jobs aligns with that goal,” said Uche Osuji, Managing Director of Arctaris Impact CDE, LLC.
Fearless, recognized as the largest software company and the largest minority-owned business in the Baltimore region, has recently evolved into an impact-focused digital services integrator. The company aims to build software that not only addresses technical needs but also fosters thriving organizational environments. It has established two divisions: Fearless Digital, which focuses on designing and delivering digital solutions, and Fearless Guides, which emphasizes organizational development, skills enhancement, and workforce empowerment.
Will Seamans, President of Fearless Guides, expressed enthusiasm about the new financing, stating, “This opportunity allows us to expand our workforce development initiatives, creating a pipeline of technologists from underrepresented backgrounds. Through Hutch, we aim to boost the number of tech companies, build generational wealth, and enhance the diversity of our regional tech ecosystem.”
Fearless is committed to developing a diverse and inclusive tech workforce. By 2030, the company aims to improve 100 million lives, operate in 10 countries, and achieve $1 billion in revenue. It collaborates with government agencies at all levels to enhance efficiency, preserve human life, and promote equity.
Internally, Fearless strives to build a team reflective of the populations it serves. Currently, 47% of its workforce is BIPOC, and 46% are women. To foster future talent, Fearless has established partnerships with HBCUs and community colleges to offer internships and training programs in design, engineering, AI, and related fields.
