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 in the diversity, equity, and inclusion space. It’s part of efforts made by a gaggle of conservative groups that have begun waging aggressive legal battles against corporate diversity programs, leaving them to abandon their DEI initiatives.
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 said 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, said the resolution of the case is ultimately positive.
“The parties agree that Fearless will cease operating the Strivers Grant Contest, which was already in its final stage,” David said. “Importantly, the agreement is very narrow and does not restrict or relate to any other investment or charitable activity of the Fearless Fund or the Foundation going forward.”
Businesses owned by Black women historically received minuscule amounts of funding when compared to total venture capital funding deployed. “The Fearless Fund can now continue its work toward expanding economic opportunity,” David said.
Attorneys for Blum didn’t immediately respond to Fast Company‘s request for comment on the settlement.
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