Consumer Law

Group Behind Affirmative Action Case Files a Lawsuit Against a Black Venture Fund for Alleged Racial Bias

Fearless Fund, a venture capitalist firm that invests in female entrepreneurs of color, is now the target of a lawsuit launched by a group founded by the man who led the fight to take down affirmative action in higher education.

“When we set out to start we had one clear vision in mind, and that was to change the game for women of color,” said Ayana Parsons, the co-partner of Fearless Fund, which was founded in 2019. “Our rationale was simple. These women are the most founded, yet the least funded. They’re starting businesses at a much higher rate than any other demographic. Yet they lack access to capital, access to resources, access to networks,” she continued.

Representatives of Fearless Fund partners Parsons and Arian Simone told reporters Thursday during a press conference in Manhattan that the fund was established to address the wide gap in venture capital funding for businesses led by women of color “who confront barrier after barrier to obtain support and investments for their businesses.”

Read the source article at ABC News

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