It was meant to be a typical sweltering August day in Georgia for the Fearless Fund. Then CEO Arian Simone learned her venture capital firm was being sued for its efforts to support Black women entrepreneurs.
On Aug. 2, 2023, Edward Blum’s conservative American Alliance for Equal Rights alleged the VC firm’s grant program for Black-women-owned small businesses was discriminatory. That same year, financial tech firm Hello Alice was sued by America First Legal, an organization founded by former Trump administration adviser Stephen Miller. Similar to the Fearless Fund suit, America First Legal alleged a $25,000 grant program for Black-owned small businesses was discriminatory. The suits set off one of the most prominent affirmative action cases in recent years, and targeted funding aimed at bridging the gap between small entrepreneurs and access to capital.
