The Fearless Fund and Fearless Foundation will appear in court today to fight for the future of DEI and funding for Black-owned businesses. The organization will have a hearing in Miami for the ongoing case brought by right-wing figure Edward Blum and his American Alliance for Equal Rights.
Since August 2023, the Fearless Fund and Fearless Foundation have been locked in this legal battle, the result of which is anticipated to carry significant implications for the future of DEI other workplace diversity and economic justice initiatives.
The Fearless Fund is an Atlanta-based venture capital firm that uses its resources to invests in and fund Black women in business. The fund has invested $25 million into over 40 companies that include Slutty Vegan, The Lip Bar, Partake Foods, and Live Tinted. The Fearless Fund also hosts training and financial literacy programs.
Initially, Judge Thomas Thrash concluded that under the U.S. Constitution’s First Amendment’s free speech protections, Fearless Fund had a right to express its belief in the importance of Black women to the economy through charity.
However, a pair of Republican judges appointed by indicted former President Donald Trump ordered the Fearless Fund to stop supporting businesses led by Black women.
U.S. Circuit Judges Robert Luck and Andrew Brasher sided with Edward Blum in stating that the Fearless Fund violated the Section 1981 of the 1866 Civil Rights Act, a Civil War-era law that bars racial bias in contracting. They claim free speech “does not give the defendants the right to exclude persons from a contractual regime based on race.”
Over $70 billion was allocated for VC funding in 2023, according to Crunchbase. Less than 1% of that amount went to companies founded by Black people. In turn, Black business owners have to seek funding from alternative means.
The judges sided with Edward Blum, president of AAER. Blum appears to be on a racially-charged mission to destroy the progression of Blacks in America. Blum has filed three lawsuits since August challenging grant and fellowship programs designed to help Black, Hispanic and other underrepresented minority groups achieve greater career opportunities.
Blum is also the face of the initial lawsuit that led to the dismantling of Affirmative Action. For over a decade, Blum filed multiple lawsuits and was only successful after a Supreme Court, filled with multiple Trump appointees, used its power to end race-base admissions on college campuses.
Blum and his organization should not be considered a lone-wolf. He’s a right-wing conservative who is received millions in contributions from other conservative donors.
Blum has received funding from the Searle Freedom Trust, the Scaife Foundation and Bradley Foundation, alongside at least $3 million from Donors Trust, according to Slate.
But while Blum seeks to destroy any assistance that Black people may receive via education and business, he fails to note how disparities continues to exist in every sector of American society.
“Fearless Fund and Fearless Foundation remain undeterred by this relentless, concerted attempt to set economic equity back,” said Arian Simone, Chief Executive Officer of the Fearless Fund and Founder of the Fearless Foundation. “In fact, since our most recent court appearance, we’ve expanded our practice to be a one-stop-shop for women of color entrepreneurs who are seeking guidance and financing to help grow their businesses.”
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