ABFE Issues Statement Following Fearless Fund Decision
Although many anticipated the ruling by the U.S. Court of Appeals for the 11th Circuit against the Fearless Fund, it is disheartening, nonetheless. The Fearless Fund is a venture capital firm led by Black women that offers tools, mentoring, and seed funding to women of color. The foundation is facing a suit claiming its grant program designed to support Black women entrepreneurs is racially discriminatory. Monday’s ruling sided with the American Alliance for Equal Rights, an organization run by Edward Blum, further halting the grant program while this case proceeds through legal channels.
America continues to deny the legacy of racism and its current day realities, still racial disparities continue to exist on every indicator of well-being. In the case of the Fearless Fund, the data is clear, Black women entrepreneurs receive less than 1% of venture capital funding in this country irrespective of their creditworthiness or financial potential. The Fearless Fund is a courageous effort by Black women designed to address this funding gap; yet even when Black people raise funds to help our own community, we are attacked.
ABFE will continue to monitor this case while we support our members and the philanthropic community to understand the impacts, if any, as we navigate towards a more equitable society for all.