Venture funding for Black-founded start-ups shows steep decline
Crunchbase News’ Gené Teare writes that venture funding to Black-founded start-ups in the U.S. was $324 million in the second quarter of this year. That’s a steep decline from prior quarters when investment to those companies had just started to show hopeful signs of progress.
Last year was a record 12 months for Black-founded start-ups, evidenced by the fact that quarterly funding in the five quarters before the latest one was much higher, ranging between $850 million and $1.2 billion, according to Crunchbase’s Diversity Spotlight data. The organization’s data further shows that start-ups with at least one Black founder have received 1.9 percent of deal counts and 1.2 percent of overall venture dollars invested in the U.S. so far this year.
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