Arian Simone, CEO and co-founder of the Fearless Fund, recently appeared on CBS Mornings to discuss the conclusion of a legal battle that has sparked national attention.
The fund, which invests in women of color entrepreneurs, was sued in 2023 by the American Alliance for Equal Rights, claiming one of its grant programs violated the Civil Rights Act by exclusively targeting Black women.
Simone, speaking with Gayle King, described the legal settlement as a strategic victory. While the Fearless Fund was required to end the specific grant program as part of the settlement, Simone emphasized that the broader mission remains intact.
“This is definitely a win for us,” Simone said. “We deploy millions of dollars. The one grant program in question had already concluded when we were sued. There was just one $20,000 grant left to award. So, if we have to forego that one grant to continue deploying millions, that’s a win.”
Despite losing the appeal in June 2024, the Fearless Fund chose not to take the case to the Supreme Court, avoiding the risk of a ruling that could have ended minority-focused funding programs nationwide.
“We strategically avoided a Supreme Court ruling to protect our community. The consequence of such a ruling could have been catastrophic for all minority-based funding programs,” Simone explained.
The Fearless Fund has remained fully operational throughout the litigation, awarding grants and launching a new $200 million fund for under-resourced entrepreneurs.
The new program includes venture dollars, grants, and a debt loan program available to men and women with a credit score of 600 or higher.
Simone stressed that the fight for equity in venture capital is far from over.
“The disparities are evident. Women of color, and Black women in particular, receive less funding than any other demographic while starting more businesses,” she said.
Simone’s call to action was directed at lawmakers:
“We need legislation that protects the right to fund marginalized communities so everyone can achieve the American Dream.”
