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Black Women Exit the VC Stage: A Betrayal of Courage


FEARLESS FUND FOUNDER RESIGNS AS VENTURE CAPITALISTS TURN A BLIND EYE TO RACISM

In a shocking move, Ayana Parsons, co-founder of Fearless Fund, announced her resignation from the firm she helped create to address the staggering lack of venture capital funding for Black women entrepreneurs. But instead of standing up for the very community they claim to support, the venture capital industry has turned a blind eye to the racism and discrimination facing Black women in business.

FEARLESS FUND FIGHTS FOR ITS RIGHT TO EXIST

The fund, founded in 2019, has invested $26 million in over 40 companies founded by Black women, a demographic that receives less than 1% of all VC dollars. But a politically conservative group, the American Alliance for Equal Rights (AAER), is suing the fund over its charitable grants program, claiming it violates the Civil Rights Act of 1866. The irony is not lost on anyone: the same law was initially meant to help the formerly enslaved, and now it’s being used to suppress the progress of Black women in business.

VICTORY FOR AAER, DISASTER FOR FEARLESS FUND

Despite the fund’s valiant efforts to challenge the lawsuit, an appeals court recently ruled in favor of AAER, upholding a preliminary injunction that prevents Fearless Fund from making grants to Black women business owners. The decision is a crushing blow to the fund and its mission.

SILENCE FROM THE VENTURE CAPITAL INDUSTRY

As Fearless Fund fights for its right to exist, the venture capital industry has remained largely silent on the issue. Not a single big name in tech has come out in support of the fund, and many have even publicly denounced Diversity, Equity, and Inclusion (DEI) initiatives. It’s clear that the industry is more concerned with preserving its own interests than standing up for social justice.

FEARLESS FUND’S RESIGNATION: A SYMPTOM OF A BROKEN SYSTEM

Parsons’ resignation is a symptom of a larger problem: the lack of accountability and support for Black women in business. As she exits the scene, the venture capital industry remains complicit in perpetuating systemic racism and discrimination. It’s time for change.



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