Fearless Fund Co-Founder, Ayana Parsons, Steps Down As COO; Says Decision Has Nothing To Do With Ongoing Legal Battle

Although she has stepped away from operations for the firm, she remains a co-founder and investor at Fearless Fund.

Atlanta-based venture capital firm Fearless Fund has undergone a significant change as co-founder Ayana Parsons stepped down from her role as Chief Operating Officer in April.

This development comes amid an ongoing legal battle with conservative group, American Alliance for Equal Rights, alleging racial discrimination in the fund’s grant programs. Parsons helped establish Fearless Fund in 2019 alongside Arian Simone and Keisha Knight Pulliam, a fund that was created to support Black women entrepreneurs, having raised over $26.5 million to assist in launching and growing businesses.

In an interview with The Atlanta Journal-Constitution, Parsons clarified her current status, stating, “I have stepped back from the operations of the fund… But what I can tell you… is I’m a problem solver. I’m a changemaker.” She emphasized that her departure was unrelated to the lawsuit filed by the American Alliance for Equal Rights in August 2023. As previously mentioned by BLACK ENTERPRISE, the conservative group’s legal action challenges Fearless Fund’s Fearless Strivers Grant Contest, which awards $20,000 in grants and digital tools to Black women small business owners. The conservative group argues this constitutes illegal racial discrimination.

Despite the controversy, Fearless Fund remains steadfast in its mission. BE noted the organization affirmed in a 2023 statement: “Built by women of color for women of color, we are proud of the work we have done at the Fearless Fund and Fearless Foundation with the consistent and invaluable support from our corporate partners, investors, mentors, and advisors.”

Parsons, who also co-founded and recently sold Yardstick Management, a consulting firm, plans to leverage her three decades of corporate experience to mentor the next generation of Black executives. She remains committed to “pushing back against efforts to dismantle diversity, equity, and inclusion initiatives in corporate America.”

While no longer involved in day-to-day operations, Parsons continues as a co-founder and investor in Fearless Fund.