Attorneys for an Atlanta-based venture capital firm being sued over a grant program for Black women vowed Thursday to fight back against the lawsuit, calling it misguided and frivolous.
. Last month, thirteen Republican state attorneys general sent a letter to 100 of the biggest U.S. companies arguing that the court ruling on affirmative action could also apply to private entities, like employers.
The venture capital firm was established to address barriers that exists in venture capital funding for businesses led by women of color. It runs the grant contest four times a year. To be eligible, a business must be at least 51% owned by a Black woman, among other qualifications. Crump said he was grateful to be able to defend the women who run the Fund against “the enemies of equality.”Blum said Thursday his organization is still awaiting a formal reply to the lawsuit from the fund’s attorneys.
Arian Simone, CEO and co-founder of the Fearless Fund, said the fund has invested in more than 40 businesses over the past four years. She said it has deployed over $26.5 million in investments and awarded hundreds of grants that total more than $3 million. It is backed by J.P. Morgan Chase, Mastercard and other companies.
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