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An Update on Seed Funding for Black Women

Black women come out a little better in the technology industry than they were a few years ago. While the number of black women who have received more than $ 1 million in investment increases, the number remains low. By 2015, 12 black women had raised more than one million dollars in funding, according to the new ProjectDiane report from digitalundivided. In 2017, there were 34.

Yet, the median amount of money raised by black women is $ 0. This is because the majority of startups founded by black women do not receive money. Among black women who raised less than $ 1 million, the average amount is $ 42,000. In total, according to the digitalundivided, black women have collected just 0.0006% of all technology venture capital funds since 2009.

Source: ProjectDiane / digitalundivided

Meanwhile, the number of startups run by black women has more than doubled compared to 2016. In 2016, ProjectDiane found only 84 startups run by black women. Today, there are 227 in its database.

"We are proud to continue to push for a world where all women own their work through entrepreneurship, because that is the way of real power and economic stability for the people. Black and Latin communities, "said Kathryn Finney. A press release. "Digitalundivided understands the impact of data on the political and start-up ecosystems, which is why we are committed to using ProjectDiane to develop data-driven programs for black and latin female founders and shaping the narrative. on women of color in start-ups. "

JPMorgan Chase also invested $ 500,000 in digitalundivided to support the organization's nine-month incubator for 40 startups founded by women of color. In 2016, digitalundivided opened an innovation center for the founders of black and latinx in Atlanta, GA. The accelerator provides training on how to build a startup, offices and mentors.

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