Edward Blum’s new organization has filed suit against the Fearless Fund, a venture capital firm that backs start-ups led by Black women
Edward Blum is a long-time opponent of affirmative action and the founder of Students for Fair Admissions.Arian Simone was a college student in Tallahassee, Florida, trying to scrape together money for a small mall-based boutique called Fabulous. “I started to notice that a lot of investors didn’t look like me,” Simone, a Black woman, tells.
, in 2022, Black and Latino founders received just 1 percent of venture capital funds disbursed in the U.S. — 0.1 percent of all funding last year went to female founders who were Black or Latina. At the same time, women of color are starting businesses atSimone and a friend from college, Ayana Parsons, founded the Fearless Fund to address that gap. Four years into the project, the fund, backed by Bank of America, Ally Bank, MasterCard and others, has invested $26.
This weekend, thousands of women will converge on the Woodruff Arts Center in downtown Atlanta for the Fearless Fund’s third annual summit, but this year’s festivities have been overshadowed by a threat to the fund, its founders, and its core mission.
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