Fearless Fund

The VC Firm Standing Strong Against DEI Pushback

Fearless Fund, a venture capital firm focused on investing in women of color-led businesses, has become a symbol in the fight over corporate diversity policies. The fund has invested nearly $27 million in 40 businesses led by women of color since its inception in 2019, and awarded $3.7 million in grants. In September of 2023, it became the center of a lawsuit that claims one of their grant programs for Black women discriminates against other racial groups. The program in question is the fund’s Fearless Strivers Grant Contest, which awards Black women small business owners $20,000 in grants and other resources to grow their business. But data shows that Black founders received less than 1% of all venture capital funding in 2023, and Fearless Fund’s CEO and founding partner Arian Simone is standing firm in her organization’s mission to bridge that gap. By December 2024, her firm estimates that the Fearless Foundation, their nonprofit arm that provides capital, community, and mentorship to women entrepreneurs of color, will have positively impacted the lives and businesses of 1,500 women of color by providing them with $10 million in capital, 1,000 hours of mentorship, and 500 hours of business education.

By Courtney Connley