Over 70 venture funds have banded together to sign an open letter denouncing the lawsuit against Fearless Fund. The lawsuit, filed by the American Alliance for Equal Rights, alleges that Fearless Fund is operating a “racially discriminatory program” by only investing in Black women-led startups.

The venture funds who signed the letter argue that the lawsuit is “meritless” and that it is an attempt to “silence” Fearless Fund and other funds that are committed to investing in underrepresented founders.

The letter states that “Fearless Fund is a critical resource for Black women entrepreneurs, and the lawsuit is an attack on their ability to access capital.” The letter also states that “the lawsuit is a distraction from the real work that needs to be done to address the lack of diversity in the venture capital industry.”

The lawsuit against Fearless Fund is the latest in a series of challenges that the fund has faced. In 2021, Fearless Fund was the target of a smear campaign by anonymous Twitter users. The fund has also been criticized by some for its focus on investing in Black women-led startups.

Despite the challenges, Fearless Fund has continued to grow and invest in Black women-led startups. The fund has raised over $100 million in capital and has invested in over 100 companies.

The open letter from over 70 venture funds is a strong show of support for Fearless Fund. The letter sends a message that the venture capital community is committed to investing in underrepresented founders and that it will not tolerate attacks on funds that are doing this important work.

Here are some of the key points made in the open letter:

  • The lawsuit is “meritless” and is an attempt to “silence” Fearless Fund and other funds that are committed to investing in underrepresented founders.
  • Fearless Fund is a “critical resource” for Black women entrepreneurs.
  • The lawsuit is a “distraction” from the real work that needs to be done to address the lack of diversity in the venture capital industry.
  • The venture capital community is committed to investing in underrepresented founders.

The open letter is a powerful statement of support for Fearless Fund and for the work that the fund is doing to invest in Black women-led startups. The letter is also a reminder that the venture capital community is committed to diversity and inclusion