According to a new study, The State of Black Women Founders, released by Kathryn Finney’s Project Diane this week, the number of black women who have received venture capital of more than $1 million for their tech companies has tripled since 2016, when Project Diane was launched.
In its first analysis of black women founders in tech, Project Diane showed that black women founders made up 0.2 percent of all VC funding for a total of 12. Today there are 34. And Finney, tech maven and founder of digitalundivided, an Atlanta-based accelerator for high-potential women entrepreneurs of color, can be credited with that increase.
According to ProjectDiane 2018, the amount raised by black women founders increased 500% from $50 million in 2016 to $250 million in 2017. The average amount raised by women founders is $42,000. There is certainly a lot more work to do as black women raised 0.0006 percent of all tech venture funding since 2009, the report found.
Despite the number of startups founded by black women nearly tripling since 2016, a majority of startups founded by black women still have not recieved any venture capital funding, according to the report.