It’s confirmed — Black entrepreneurs saw a dramatic decrease in funding this year as investors continue to pull back.
So far, new Crunchbase data shows Black startups received $324 million in VC funds in the second quarter, a steep decrease from the $1.2 billion received in Q1 this year and substantially below the $866 million the founder cohort raised in Q2 last year. Overall, Black founders have received more than $1.5 billion in capital so far this year, compared to the over $2 billion received this time last year. Funding at all levels is tracking below 2021.
Sadly, this isn’t surprising; valuations are falling and deal volume is shrinking this year as investors pull back from 2021’s excesses.
It is not a new concern that in times of economic …
