Court Halts VC Fund's Grant Program for Black Women in US

The 11th U.S. Circuit Court of Appeals has temporarily blocked a venture capital fund, Fearless Fund, from proceeding with its grant program that provides funding exclusively to businesses led by Black women. The court ruled in favor of the American Alliance for Equal Rights, which argued that the program violated the 1866 Civil Rights Act by being racially exclusionary. Fearless Fund, which aims to address the underrepresentation of Black women in venture capital funding, has invested nearly $27 million in 40 businesses led by minority women since its establishment in 2019. The lawsuit is one of three filed by the American Alliance for Equal Rights challenging grant and fellowship programs designed to provide career opportunities for underrepresented minority groups.