October 2nd 2023.
The Atlanta-based venture capital grant spearheaded by the Fearless Fund firm has been brought to a halt by Georgia's Appeals Court. A lawsuit alleging racial discrimination was filed against the firm by the conservative advocacy group, American Alliance for Equal Rights, in August 2023. The lawsuit states that the Fearless Fund's mission to support Black women founders discriminates against other races.
The Fearless Fund granted $20,000 to assist Black-women-owned businesses in their development. However, the American Alliance For Equal Rights, led by conservative legal strategist Edward Blum, filed an emergency motion to overturn the initial ruling, claiming that the Fund is “racially exclusionary”. During a court meeting held on Sept. 26, the plaintiffs' attorneys urged the District Court to ban the use of racial eligibility criteria from the application.
Lawyer Alphonso David, representing the Fearless Fund, expressed his disagreement with the court's ruling, stating that they remain committed to defending the meaningful work of their clients. The legal team is determined to continue their mission, although the grant is on indefinite pause until the matter is resolved.
Fortunately, other companies aligned with the values of uplifting Black female founders are still continuing the work, including Collab Capital. The Fearless Fund's efforts in distinctly backing Black women entrepreneurs, however, remain at a standstill until the case is resolved.
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