Richard Branson's Virgin Group has announced a new partnership with all-female racing team and 'Women Empowered' initiative Truecar Racing.

Under terms of the agreement, Virgin will serve as an affiliate sponsor of Truecar and Dragon Racing driver Katherine Legge for the remainder of the 2012 IndyCar season.

Virgin will also sponsor fellow Dragon Racing driver Sebastien Bourdais.

In both instances the Virgin logo will appear on the nose and fuselage of the cars, the Dragon Racing team uniforms, the visors of the drivers' helmets and all team apparel.

Financial terms of the agreement were not released.

“This initiative speaks volumes on our commitment to empowering women. Given the opportunity, women race car drivers have a great capacity for success,” said Branson. “We’re excited to help TrueCar Racing and its women drivers achieve victory on and off the track.”

Truecar founder and chief executive Scott Palmer added, "“We are thrilled to have the Virgin Group team with TrueCar Racing to help empower women in racing and to help strengthen and broaden the message that women racers can statistically win in a sport dominated by men with the right resources and support. We are committed to providing our team with the tools they need to win now and in the future.”