Fearless Fund Hires Powerful Defense Team to Battle Conservative Lawsuit
The Fearless Fund, an Atlanta-based Black woman-led venture capital firm, is pushing back against a lawsuit from a conservative action group.
The American Alliance for Equal Rights (AAER) filed a lawsuit against the fund last week, alleging that it is “operating a racially discriminatory program that blatantly violates Section 1981’s guarantee of race neutrality.”
As previously reported, AAER is led by Edward Blum, the man behind the recent U.S. Supreme Court decision to overturn the consideration of race in higher education.
Reuters reported that Blum and 60 members of his group, who are white and Asian American, “have been excluded from the grant program due to their race.” The report added that the suit is the first of many that Blum has planned against private corporations.
A press release from the Fearless Fund notes that the lawsuits represent a catalyst for more legal groups to attack critical investments in marginalized communities.
Fearless Fund principals Arian Simone and Ayana Parsons have retained a powerful legal team, including civil rights powerhouse Benjamin Crump.
Attorneys from the NAACP Legal Defense Fund and the National Women's Law Center have also joined the team as consultants.
In the press release, the Fearless Fund wrote that the AAER lawsuit is seeking "to disrupt the vital work of Fearless Fund and similar institutions and organizations whose primary mission is to provide underrepresented communities with an economic engine to build, sustain and scale their businesses."
Filed in Atlanta, the lawsuit specifically targets the Fearless Strivers Grant Contest, which awarded $20,000 and digital tools for Black woman-owned businesses. The fund also offers mentorship opportunities in partnership with Mastercard.
According to the company's website, The Fearless Fund’s mission is “to bridge the gap in venture capital funding for women of color founders building scalable, growth aggressive companies.”
A new petition on Community X asks supporters to "Stand with those women, stand with the Fearless Fund, because an attack on them is an attack on the entire American Dream."
Despite the lawsuit, the Fearless Fund is moving forward with its two-day conference in Atlanta for women, men, and organizations interested in entrepreneurship and venture capital starting Aug. 18.
