In Less Than a Decade, the Number of Latina and Black Female Founders Who Raised $1 Million+ Leapt from 12 to 350
in 2016, it found that fewer than a dozen Black women had raised more than $1 million in venture capital. By 2018, that number hit 34.
Our founders are, by design, CEOs, and natural leaders who were pushed out of environments in which they sought to influence because of bias and lack of opportunity.These women achieved all of the above in 2022, when the venture capital economy hit a global pullback, slidingyear-over-year. Brittany S. Hale, interim CEO of digitalundivided, says the progress could be a result of the “dual consciousness” that women within their community are bringing to the deal table.
Hale says ProjectDiane statistics are meant to serve as a call to action for investors and the overall tech industry to back women of color. And while Smith says she’s excited that her peers are getting more venture funding, 1% is still a profoundly low number. “It is still important to continue striving towards an even more equitable and inclusive ecosystem,” she says. “Getting VC funding is just one part of the funnel.
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