The first woman of color owned venture capital firm, Fearless Fund, is stepping into Miami Federal Appeals Court Wednesday. Their mission? To challenge a court order stopping them from giving grants exclusively to women of color.
This legal tussle pits Fearless Fund against the American Alliance for Equal Rights, an organization led by far-right activist Edward Bloom.
Arian Simone, the co-founder and CEO of Fearless Fund, says they aren’t backing down. In August of 2022, Bloom sued Fearless Fund over their grant program, saying that they were practicing reverse discrimination by excluding non-Black applicants. The 11th Circuit Court of Appeals in Atlanta responded by hitting pause on the program until the lawsuit’s conclusion.
But this isn’t just about this program. Many Black business leaders are worried that these legal challenges could roll back years of efforts to level the playing field.