A co-founder of the embattled venture capital firm Fearless Fund has stepped down as operating chief

FILE - Ayana Parsons, one of the co-founders and CEOs of The Fearless Fund, walks outside the James Lawrence King Federal Building in Miami, Jan. 31, 2024, following a hearing. On Monday, June 24, 2024, Parsons, one of the co-founders of the Atlanta-based venture capital firm that supports women of color, stepped down as chief operating officer as the company battles a lawsuit that has become emblematic of a conservative backlash against corporate diversity programs.

“I remain steadfast in my support of the Fearless Fund and committed to the advancement of women and people of color,” Parsons said in a statement posted to her LinkedIn page on Monday. “The best way I can do that is to boldly focus on new strategies and tactics. Because if the courts are going to sideline our best practices, we need to design and implement alternatives. We must innovate.

The lawsuit targets the Fearless Foundation's Strivers Grant Contest, which awards $20,000 to businesses run by Black women. Blum has argued that the contest violates a section of the Civil Rights Act of 1866 prohibiting racial discrimination in contracts. Lawyers for the Fearless Fund argue that the grants are not contracts but donations protected by the First Amendment.

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