One year after settling a landmark lawsuit that challenged its efforts to support women of color entrepreneurs, Fearless Fund has returned to the global stage with a new plan: the Fearless Global Initiative.
The Atlanta-based venture capital firm, led by Founding Partner and CEO Arian Simone, recently hosted its first major event since the settlement, according to The Atlanta Journal-Constitution. As AFROTECH™ previously reported, the initiative expands on the firm’s mission of advancing economic inclusion and advocating globally for Fearless Freedom.
At the event on Sept. 22, Simone described the concept as ensuring that the demographics of contracts, investments, and funding allocations reflect the demographics of the population.
“This is (as) good for the white Kentucky coal miner as it is the Latino California farmworker,” Simone said. “Demographic equity means delivering the resources, the financial support at a scale that reflects the population. This is something we can all get behind.”
A Year Since The Lawsuit
In 2023, Fearless Fund and its nonprofit arm reportedly became the first targets in a series of lawsuits filed against corporate diversity, equity, and inclusion (DEI) programs, as AFROTECH™ previously reported. The conservative American Alliance for Equal Rights (AAER) sued the firm over a $20,000 small business grant designed for Black women entrepreneurs, alleging that the program discriminated against non-Black applicants and calling it “explicit racial exclusion.”
The lawsuit quickly made national headlines and placed Simone and her firm at the center of the growing legal backlash against DEI. The litigation also paused this Strivers Grant program and raised questions about the future of race-conscious business initiatives.
In fall 2024, Fearless Fund and AAER settled, with the firm ending the contested program. Simone vowed at the time that she would not step back from her mission to expand economic opportunities for women of color entrepreneurs, and soon after, launched a new investment.
The investment was in Zimi, an e-commerce startup founded in 2023 by Stanford University alumni Audrey Djiya (CEO) and Peter Nsaka (chief technology officer). Backed with a seven-figure commitment from the firm’s second fund — supported by Bank of America, Costco, and MasterCard — Zimi helps businesses in developing markets sell globally through logistics, order management, and fulfillment, per TechCrunch. Since launching, the company has generated $1 million in revenue as of October 2024, as AFROTECH™ previously reported.
From Lawsuit To Global Expansion
The launch of the Fearless Global Initiative represents that commitment. According to The Atlanta Journal-Constitution, about 100 guests gathered in New York City for its debut, held one day before world leaders convened at the United Nations General Assembly. Attendees included U.S. Rep. Jasmine Crockett (D-Texas), Liberian Minister of Foreign Affairs Sara Beysolow Nyanti, CNN anchor Abby Phillip, and civil rights attorney Ben Crump.
“[The Fearless Global Initiative is about] making sure that we are active participants in helping get certain policies written in order to support the kind of work that we do,” Simone told The Atlanta Journal-Constitution.
She added, “I knew it wasn’t just as simple as having a fund. It was literally, we’re going to have to get policies to change. We’re going to have to get different doors to open so that more people can even do what it is that we do.”
The Numbers Behind The Work
Fearless Fund was founded to invest in women of color entrepreneurs, who continue to face significant disparities in access to venture capital. According to The Atlanta Journal-Constitution:
- In 2024, Black-founded startups received only about 0.4% of all U.S. venture capital funding (Crunchbase).
- In 2022, female founders of color secured just 0.39% of total venture capital investments (Fearless Fund).
- Yet Black women make up about 7% of the U.S. population and about 1% of business owners (Lending Tree).
Through its first venture fund, the firm invested $26 million into dozens of startups led by Black, Latina, and Asian women. Atlanta-based businesses such as Slutty Vegan were among the portfolio companies.
A Difficult Year For Fearless Fund
While the firm continued to advise its portfolio companies and run a small business loan program, the fallout from the lawsuit was significant. Simone said Fearless Fund paused fundraising for a second venture fund due to the current climate.
Corporate sponsorship also dropped sharply. Before the lawsuit, Fearless Fund averaged about 20 major sponsors each year, The Atlanta Journal-Constitution reports. By 2025, only three remained: UPS, JPMorgan Chase, and Costco.
The lawsuit also took a personal toll. Simone received death threats during the legal battle, according to Alphonso David, one of Fearless’ attorneys. “It was really unnecessary, just because we decided to be audacious and cut million-dollar checks to Black women, it caused a serious disruption in this country,” Simone said.
Looking Ahead
At the event, Simone told attendees she planned to present a petition at the United Nations that week to outline a global roadmap for demographic equity. It was not clear whether Fearless Fund would also pursue legislation in the United States, per The Atlanta Journal-Constitution.
She noted that the outcome of the lawsuit would not define the organization, emphasizing instead “the work that we plan to get done in order to improve the right to fund marginalized communities.”
