American Alliance for Equal Rights Leads to Closure of Fearless Fund's Grant Program for Black Women
American Alliance for Equal Rights Challenges Fearless Fund
Fearless Fund, an Atlanta-based venture capital firm, is shuttering its grant program that awarded funds to small businesses run by Black women as part of a settlement with an anti-affirmative action group that claimed the program discriminated based on race.
The settlement resolves one of the most high-profile cases in recent history within the diversity, equity, and inclusion space. It's part of efforts made by numerous conservative groups that have begun waging aggressive legal battles against corporate diversity programs, compelling them to abandon their DEI initiatives.
Edward Blum's Role in the Settlement
Conservative activist Edward Blum spearheaded the case through his American Alliance for Equal Rights (AAER) in 2023. Fearless Fund agreed to settle the case, according to a filing, permanently closing its Strivers Grant Content that awarded $20,000 grants to Black women-owned businesses, months after an appeals court indicated the program likely violated a Civil War-era law.
- Alphonso David, president and CEO of the Global Black Economic Forum and Fearless Fund's cocounsel on the case, stated the resolution is ultimately positive.
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