Connect with us

World News

Fearless Fund responds to racial discrimination lawsuit on August 10, 2023 at 3:00 pm

Published

on

Fearless Fund, an Atlanta-based fund that invests solely in women founders of color, has responded to the suit filed against it by the American Alliance for Equal Rights (AAER), accusing it of racial discrimination.

In a statement, the fund said that it was “proud of the work [it has] done at the Fearless Fund and Fearless Foundation with the consistent and invaluable support from our corporate partners, investors, mentors, and advisors,” adding that it is “firm in [its] purpose to provide a gateway to economic freedom.” Fearless Fund also noted that of the $288 billion that venture investors put to work in 2022, less than 0.4% of was raised by women of color.

Arian Simone, the fund’s co-founder and CEO, also went on CBS this morning to talk more about the lawsuit, calling it “an attack to dismantle and address our economic freedom as people of color.” She added that the fund’s response is simple: it will continue the work it is doing to help support women of color.

In its lawsuit, AAER accused Fearless Fund of racial discrimination over a grant program that offers $20,000 to Black-women-owned small businesses. AAER argues the grant violated Section 1981 of the 1866 Civil Rights Act, which states private contracts must be made and enforced without regard to race.

Advertisement

When we contacted AAER’s founder Edward J. Blum last week, he said he was initially reached by a woman-owned business that wanted help to challenge Fearless Fund’s grant program. “It is to be hoped that other programs like this one end these practices and offer the benefits to all small businesses regardless of the owner’s race,” he said at the time.

This is not the first time Blum-associated groups have sued organizations for implementing policies that regard race. He is perhaps best known as the man who challenged affirmative action in educational institutions, alleging that Harvard’s admission policies discriminated against Asian Americans by taking race into account.

Several founders and investors we spoke to said AAER’s suit could be the first of many, as funds focused on solely backing diverse founders have grown prevalent in recent years.

Grants are often the only way many overlooked founders raise capital for their businesses. Investing in diversity might also now come with heightened legal risk, Bernard Coleman, a lawyer at The Coleman Law Firm, told TechCrunch last week.

Advertisement

“The outcome of the American Alliance for Equal Rights’ lawsuit against Fearless Fund has the potential to reshape venture capital investments, spotlighting the intersection of civil rights legislation and startup funding practices,” he said at the time. “As the legal proceedings unfold, the implications for venture capital investments and startup support will undoubtedly be closely watched by stakeholders across the business landscape.”

Fearless Fund recently announced a multi-million-dollar fundraise for its efforts from Costco and Mastercard, the latter of which is the sponsor of the fund’s the Strivers Grant Contest that’s being challenged in the lawsuit.

​ This marks the first time Fearless Fund has publicly and officially acknowledged AAER’s lawsuit against it since the news broke last week. 

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Terror Attacks in New Orleans and Las Vegas Linked

Published

on

The start of 2025 has been marred by two horrific terror attacks in the United States, one in New Orleans and another in Las Vegas, both occurring on New Year’s Day. These incidents have left communities reeling and have raised concerns about potential connections between the suspects involved.

In New Orleans, a truck driven by 42-year-old Shamsud-Din Jabbar plowed into a crowd celebrating on Bourbon Street, resulting in at least 15 deaths and over 30 injuries. Eyewitnesses reported that Jabbar, a U.S. Army veteran from Texas, deliberately targeted pedestrians while flying an ISIS flag from his vehicle. Following the attack, he exited the truck armed with an assault rifle and opened fire on police officers before being killed in the ensuing confrontation. Authorities discovered improvised explosive devices (IEDs) within his vehicle and in the vicinity of the attack site, further confirming the premeditated nature of this act of terrorism.

Advertisement

Simultaneously, a separate incident unfolded in Las Vegas when a Tesla Cybertruck exploded outside the Trump International Hotel. The driver, identified as Matthew Livelsberger, also had a military background and was reported to have detonated the vehicle packed with firework mortars and fuel, resulting in his death and injuring seven others. Investigators are exploring whether Livelsberger and Jabbar had any prior connection, as both men served at the same military base at different times.

While the FBI has confirmed that they are investigating both attacks as acts of terrorism, they have not established a definitive link between the two incidents. However, similarities in their execution—both suspects rented vehicles from the same company—have prompted further scrutiny into their backgrounds and any potential accomplices.

As investigations continue, authorities are urging anyone with information about either suspect to come forward. The tragic events have sparked discussions about security measures in public spaces, particularly as cities prepare for large gatherings in the coming months.

Your support keeps us going!
Every purchase helps us do what we love. Thank you!

Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters, filmmakers and actors. Our services now include acting classes. Additionally, we are introducing film reviews by experienced critics and professional press article writing covering industry news and trends. Whether you’re looking to craft compelling stories, enhance your acting skills, or gain insights into the film industry, our resources will equip you to thrive in this competitive field. Join us today to unlock your creative potential and bring your artistic vision to life!

Advertisement
Continue Reading

Politics

Donald Trump Named TIME’s 2024 Person of the Year

Published

on

Donald Trump has been selected as TIME magazine’s Person of the Year for 2024, marking his second time receiving this distinction. The former president, who won a historic comeback victory in the 2024 election, was chosen for his significant impact on global affairs and American politics.

TIME editor-in-chief Sam Jacobs explained the decision, citing Trump’s “comeback of historic proportions,” his role in driving “a once-in-a-generation political realignment,” and his reshaping of both the American presidency and the country’s global role. This recognition comes after Trump’s unprecedented achievement of reclaiming the White House after losing reelection four years earlier.

The selection process involved an extensive interview with Trump at Mar-a-Lago in November, covering a wide range of topics including the economy, foreign policy, and his plans for a second term. Notably, TIME took the unprecedented step of publishing a comprehensive fact-check alongside the interview transcript, examining 15 distinct assertions made by Trump.

Trump’s relationship with TIME has been tumultuous over the years. While he expressed honor at receiving the title in 2016, he has also criticized the magazine’s selections and even claimed he refused a potential Person of the Year offer in 2017. Despite this, Trump participated in the process this year, granting TIME access for an in-depth interview.

To commemorate the announcement, Trump rang the opening bell at the New York Stock Exchange (NYSE). This event marked a significant moment in Trump’s career, as it was his first time participating in this Wall Street tradition.

Trump’s selection as Person of the Year reflects his continued influence on American politics and his ability to reshape the political landscape. As the country prepares for his return to the White House, all eyes will be on how Trump’s second term might further impact both domestic and international affairs.

Advertisement
Your support keeps us going!
Every purchase helps us do what we love. Thank you!

Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!

Continue Reading

Film Industry

Jay-Z Denies Allegations Amid Lawsuit

Published

on

Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.

The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.

Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.

Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.

The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.

Advertisement
Support Us by Shopping Our Shop!
Your support keeps us going!
Every purchase helps us do what we love. Thank you!

Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!

Continue Reading

Trending