A small venture capital player becomes a symbol in the fight over corporate diversity policies

A venture capital firm that has backed buzzy new companies has become symbolic of the fight over corporate diversity policies. Fearless Fund has become a target of a lawsuit over a grant program for Black women. But it is a tiny player in the approximately $200 billion global venture capital market. The Atlanta-based firm has invested nearly $27 million in some than 40 businesses led by women of color since launching in 2019, and awarded another $3.7 million in grants. Collectively, those businesses employ about 540 people, up from 250 at the time of investment. Fearless Fund co-founder Arian Simone said it’s all a drop in the bucket compared to systemic changes needed to close the racial and gender gap in venture capital funding.