Fearless Fund Ends Grant Program for Black Women in Legal Settlement

The venture capital firm closed the Strivers Grant Contest following a lawsuit settlement with a conservative group alleging racial discrimination.

The Fearless Fund shut down its Strivers Grant Contest, which awarded $20,000 to businesses majority-owned by Black women, as part of a legal settlement.
The lawsuit was filed by the American Alliance for Equal Rights, led by conservative activist Ed Blum, who argued the program was racially discriminatory.
A U.S. federal court of appeals had previously ordered the suspension of the grant program, siding with Blum's argument under the Civil Rights Act of 1866.
Fearless Fund co-founder Arian Simone stated the firm will continue its mission to support women of color entrepreneurs despite the settlement.
The settlement avoids a Supreme Court ruling that could have broader implications for race-based funding, amidst increasing legal challenges to DEI programs.