Official records from the U.S. legal system or regulatory bodies

11th Circuit Blocks Fearless Fund's Grant Program for Black Women-Owned Businesses

Jun 3, 2024, 09:25 PM

A federal appeals court has blocked the Fearless Fund, an Atlanta-based venture capital firm, from continuing its grant program exclusively for Black women-owned businesses. The 11th Circuit Court ruled that the program likely constitutes illegal race discrimination, siding with conservative activist Edward Blum and an anti-affirmative action group. The court's decision is based on the Civil Rights Act of 1866, which prohibits racial discrimination in contracts. The ruling is seen as a significant setback for diversity, equity, and inclusion (DEI) initiatives, given that less than 1% of venture capital funding goes to Black and Hispanic women.