Black startup entrepreneurs are smashing venture funding records this year: In the first half of 2021, Black founders raised nearly $1.8 billion, a more than four-fold increase over capital raised in the same time period last year.
That’s according to a report by San Francisco-based Crunchbase News released July 13. According to Crunchbase’s calculations, Black founders raised $400 million in the first six months of 2020. This year, Black founders are already outpacing full-year funding totals for both 2020 and 2019, when they raised $1 billion and $1.4 billion, respectively. Startups raising Series A and B rounds drove much of the funding growth this year.
Mac Conwell, founder and managing partner at Baltimore-based RareBreed Ventures, who says he is passionate about supporting diverse founders, wasn’t surprised by the results.
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