December 13th 2023.
On December 6th, the Fearless Fund, a grant program led by Black women in Atlanta, filed an appeal to counter a racial discrimination lawsuit. Represented by renowned civil rights lawyer Benjamin Crump, they are fighting to prove their venture capital grants were created with the intention of addressing systemic discrimination.
The American Alliance for Equal Rights (AAER) previously sued the Fearless Fund in federal court, claiming their grants only for Black women violate civil rights laws. 11 Alive reported on the Fearless Fund's statement defending their actions: “Women of color-owned businesses are a vital, growing sector to our economy yet received less than one percent of venture capital funding," said Arian Simone, the CEO and founding partner of Fearless Fund. “Our legal team filed a brief in support of our First Amendment right to voice our view that these women of color-owned businesses need to be supported and that we are aligned with them through the Fearless Foundation’s Strivers Grant Program. We will fight fearlessly to protect these businesses, the dreams of their founders, and our right to express this viewpoint against any and all legal challenges.”
The Fearless Fund was created to counter racial and gender biases that limit venture capital for women of color-owned startups. Simone and Ayana Parsons, general partners of Fearless Fund, created the grant and mentorship program after experiencing difficulties accessing capital for their own ventures. “As Black women, we faced more obstacles to financing our dreams than other demographics,” Simone said.
The appeal cites 2019 Census Bureau data showing 12.7% of women-owned firms were Black or African American-owned, demonstrating the need for this demographic of entrepreneurs to be supported. Their legal document makes a strong case that the Fearless Fund’s targeted approach does not violate First Amendment or federal civil rights protections. “Our grants aim to empower innovators who might lack networks and resources to transform their ideas into thriving businesses,” Parsons said. “We welcome the chance to defend this mission in court.”
Unfortunately, the pending litigation has already disrupted grants for 2023, forcing the Fund to revise official rules. Oral arguments are scheduled to commence on January 31, 2024. This lawsuit is part of a broader national debate over affirmative action policies and the need for Black entrepreneurs to be given equal opportunity. The Fearless Fund’s mission is to fight fearlessly to protect these businesses, the dreams of their founders, and their right to express their viewpoint against any and all legal challenges.
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