On a rainy Thursday afternoon in New York City, Arian Simone and Ayana Parsons, far from their home base in Atlanta, addressed a room of reporters from the Wall Street Journal to TechCrunch to, of course, yours truly. The pair, cofounders and general partners of Fearless Fund, a small venture firm focused on backing women of color, are being sued for racial discrimination by a group founded by conservative activist Edward Blum. Their message to reporters: “Activism is in our DNA,” Simone, who is also CEO, told the room. “We are not scared, we are fearless.”
Just a couple weeks ago, the four-year-old firm, whose first fund was $25.8 million, was still somewhat under the radar, writing small checks up to $2.5 million, and in the process of raising fresh capital amid the rocky venture environment (the firm raised $16 million so far for its second fund, according to a May SEC filing). Now, the early-stage Fearless Fund has been thrust into the national spotlight as one of the faces defending diversity-focused investing, backed by a team of big time lawyers. And they’re at the center of what I and others view as a major story in the venture world right now—one that could have ramifications for the industry at large.
