02/26/2023
According to , funding to Black VCs rose to $3.4 billion in 2022 from $2.3 billion in 2021. While we’re definitely here for that progress, that's only 2.1% of the record $162.6 billion in total venture raised in 2022.
We’re of the mindset that we can celebrate the progress that’s been made, while advocating for more.
Additional context from shows why that progress has been hindered:
👉🏽When investing slows down overall, Black-founded startups are hit disproportionately by the decline. There is often a “subconscious bias” during a drop in the market, where investors seek what they know and what is familiar to them — which typically is not black founders.
👉🏽Black-founded startups have continually struggled to gain anything above 1-2% of the venture market in the U.S. for the last several years.
👉🏽It’s been hard to reach the same “top of mind” effect that Black companies had in 2020 following the aftermath of George Floyd.
Black VCs across the country are addressing the long-standing diversity, equity, and inclusion issues, hoping to continue moving the needle on progress towards underrepresented founders.
Business Insider rounded up 51 of those Black VCs, and included Sixty8 Capital on the list. Here’s to progress, and onward. Learn about the 50 other Black VCs investing in Black Founders using the link in our bio.
