Fearless Fund CEO Arian Simone on why she sees legal settlement as a win and what's next
CBSN
The Fearless Fund, a venture capital firm that invests in supporting women of color entrepreneurs, has agreed to shut down its grant program for Black women as part of a settlement with the conservative group American Alliance for Equal Rights. On Wednesday, both sides reached a settlement, agreeing to dismiss the case and end the program. This comes after a federal appeals court ruling in June ordered the program to be suspended.
The program, called the Strivers Grant Contest, awarded $20,000 to Black women-owned businesses, but the lawsuit claimed it was discriminatory. The conservative group claimed the program was in violation of the Civil Rights Act because it was only open to Black women.
According to the Fearless Fund, less than half a percent of venture capital funding goes to businesses led by women of color.
