TLDR:
- Ayana Parsons, co-founder of Fearless Fund, stepped down as chief operating officer
- Fearless Fund is embattled in a lawsuit over a grant contest for Black women business owners
Ayana Parsons, co-founder of the Atlanta-based venture capital firm Fearless Fund, has announced her decision to step down as chief operating officer amid a lawsuit that has put the company in the spotlight. Fearless Fund was founded in 2019 to address the racial disparity in funding for businesses owned by women of color, but it is now facing legal challenges regarding its grant program for Black women business owners.
The lawsuit, brought forward by the American Alliance for Equal Rights, led by conservative activist Edward Blum, claims that the grant program is discriminatory. A federal appeals court panel ruled in favor of the lawsuit, ordering the suspension of the grant contest. This has put a strain on Fearless Fund’s ability to raise new investments.
Despite Parsons stepping down, co-founder Arian Simone expressed gratitude for her contributions to the company and wished her well in her future endeavors. Parsons did not disclose the reason for her departure or her future plans, but she emphasized her commitment to supporting women and people of color in her statement.
Fearless Fund has invested nearly $27 million in businesses led by women of color since its inception, with support from prominent companies like J.P. Morgan Chase & Co., Bank of America, and Mastercard. The fund’s mission to empower underrepresented entrepreneurs remains strong, despite the legal challenges it is currently facing.
