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#IWD2023: Women of colour entrepreneurs have raised almost $10B in venture capital

While Black and Latina founders reached a combined share of one percent in venture capital funding, the number dipped in 2022.

#IWD2023: Women of colour entrepreneurs have raised almost $10B in venture capital

Social startup digitalundivided has released a biennial demographic study — the Project Diane report — that suggests nearly $10 billion in venture capital has gone to more than 750 Black and Latina women entrepreneurs.

“Building on the legacy of women like Diane Nash who worked to disrupt systemic barriers, digitalundivided is working to dismantle disparate systems that make access to economic equality for Latina and Black women difficult,” Brittany S. Hale, interim CEO and chief operating officer of digitalundivided, said in a statement.

“Through Project Diane, we've been able to bring awareness to the myriad of challenges Latina and Black women founders face while also spotlighting their growth, strengths, passion, and perseverance to scale their companies. We are excited to be building on this with Project Diane 2022 and offering a pathway to creating equitable access to resources for these founders,” she added.

The report highlights that more than 350 entrepreneurs have raised more than $1 million. The startups that have raised the most funding are in the health and wellness space and are based in California or New York, the report reads.

In 2021, women of colour had a combined share of venture capital above one per cent for the first time. However, their share of venture capital dipped in 2022, according to the report.

“Project Diane's research has provided groundbreaking insight into the experiences of Latina and Black women founders and has inspired more thoughtful global conversations on how to eliminate barriers in entrepreneurship for this group that is often undervalued, underrecognized and under-resourced,” Danielle Jackson, senior director of research, evaluation and data at digitalundivided, said in a statement.

“With Project Diane 2022, we're providing updates to some of the critical statistics we revealed in previous reports and extending our research to explore more in-depth insight drawing from direct experiences from Latina and Black women founders.”

Founded in 2012, digitalundivided is a non-profit organization that advocates for Black and Latina women entrepreneurs and innovators.