(TechCrunch) Fearless Fund, which provides grants and investments to women of color, has been indefinitely barred from deploying its $20,000 grant to Black women after the American Alliance for Equal Rights, led by conservative activist Edward Blum (best known as the man who helped overturn affirmative action in education), sued them over the scheme.
The lawsuit against the venture firm could result in significant adverse ripple effects on the venture community’s efforts to promote diversity, equity and inclusion (DEI) in the startup ecosystem. In the eyes of many, banning grants targeted specifically toward minorities will serve to undo the progress made in this space to bring underserved and overlooked populations to an equal footing.
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