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…
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