Fearless Fund Ends $20K Grant Contest for Black Women

The Fearless Fund, an Atlanta-based venture capital firm, has agreed to shut down its Strivers Grant program that awarded $20,000 to Black women-owned businesses. This decision is part of a settlement with Edward Blum's American Alliance for Equal Rights, which argued that the program was discriminatory. The settlement followed a U.S. Court of Appeals ruling that the grant likely violated the Civil Rights Act of 1866. Despite halting the program, Fearless Fund remains committed to supporting women of color entrepreneurs, with plans to launch a $200 million debt fund for those needing financing. This case highlights the growing legal challenges against corporate diversity initiatives bolstered by the recent Supreme Court decision ending affirmative action in college admissions.