That can’t be good for Black founders, especially there’s all this conservative blowback,” she said, referring to the flurry of baseless accusations that SVB fell apart because it focused too heavily on diversity and “woke” issues. “There will likely be retrenchment in the space with investors becoming more skittish. “When our economy catches a cold, the Black community catches the flu,” said Kelly Burton, the CEO of the Black Innovation Alliance, a national coalition of startup incubators and accelerators.
But funding for Black founders plummeted by 45%, the largest annual decrease for the group in more than a decade, the data shows, and Black women receive an average of just 1% of venture capital dollars every year.
Venture capital funding dropped by 36% last year, according to data from Crunchbase, after rising inflation and interest rates helped kill off a preceding bonanza.
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