TLDR:
Fearless Fund, a venture capital firm that focuses on investing in Black women entrepreneurs, is disputing an injunction that has stopped its grant program. Attorneys for the firm argued in court that the injunction, which prohibits them from awarding grants exclusively to Black women entrepreneurs, sets a dangerous precedent that could affect other charitable organizations. Fearless Fund is currently defending itself against a lawsuit filed by the American Alliance for Equal Rights (AAER), which argues that the fund’s grants discriminate against non-Black members of the AAER.
Key Points:
- Fearless Fund is disputing an injunction that has stopped its grant program for Black women entrepreneurs.
- The firm argues that the injunction sets a dangerous precedent that could affect other charitable organizations.
- The lawsuit against Fearless Fund was filed by the American Alliance for Equal Rights (AAER), which argues that the fund’s grants discriminate against non-Black members of the AAER.
Fearless Fund, a venture capital firm that focuses on investing in Black women entrepreneurs, is disputing an injunction that has stopped its grant program. Attorneys representing the firm argued in court that the injunction, which prohibits them from awarding grants exclusively to Black women entrepreneurs, sets a dangerous precedent that could affect other charitable organizations. The firm’s attorney, Alphonso David, argued that if Fearless Fund cannot give grants to Black women, it calls into question every other charitable organization doing the same thing. The lawsuit against Fearless Fund was filed by the American Alliance for Equal Rights (AAER), which argues that the fund’s grants discriminate against non-Black members of the AAER. AAER attorneys argue that this is illegal racial discrimination that causes additional harm. Fearless Fund’s Chief Executive Officer and Co-founder, Arian Simone, stated that the organization remains undeterred by the attempt to set economic equity back and has expanded its services to be a one-stop-shop for women of color entrepreneurs. In September 2023, the 11th Circuit Court granted an injunction halting Fearless Fund’s grants pending the outcome of the lawsuit. Fearless Fund is now fighting to have the injunction overturned in court.
