CEO Arian Simone Reveals: Lawsuit Inflicts Massive Losses on Fearless Fund

In a recent hearing, Atlanta-based venture capital firm Fearless Fund faced tough questions from conservative judges regarding its grant program to support Black-women-owned businesses. Fearless Fund was hit with a lawsuit in August 2023, which claimed that the fund was carrying out racial exclusion and violated the Civil Rights Act of 1866. The fund is now asking for an injunction against its Strivers Grant Contest to be lifted. The grant awards $20,000 to businesses owned primarily by Black women. The judges will decide whether to suspend the grant until the lawsuit is resolved. Judge Kevin Newsom challenged Fearless Fund’s claim that the grants are protected by the First Amendment. He questioned the fund’s argument that its grant programs are not discriminatory, stating that there are many other sources of funding available. Fearless Fund’s attorney, Jason Schwartz, argued that charities can select the projects they want to fund. The outcome of the case could impact other donations or programs aimed at assisting underserved groups. Fearless Fund has been experiencing financial difficulties since the lawsuit was filed, with CEO Arian Simone revealing that about eight figures of investments fell through in the fall of 2023.