VC dollars for black founders just 0.69% in Q1 2023

Oh! Wow. Wow. Regardless of how he feels about it, it might be time to focus on alternative avenues of financing.

Black founders are There’s also a year-over-year decline in first-quarter funding, according to new data from Crunchbase that analyzed seed, venture capital, private equity and corporate venture capital funding allocated to black entrepreneurs. This could be a good time to look at alternative avenues of funding, according to the founders TechCrunch+ spoke with.

The dataset shows that in the first quarter of 2023, Black’s founders raised roughly 0.69%, or $312 million, of Crunchbase’s roughly $45 billion total in the quarter. Black founders saw a decline in funding year-over-year from the first quarter of 2022, when Black founders raised 1.5%, or $1.26 billion, of the $81 billion allocated, according to Crunchbase figures. in private financing.

That’s a 75.2% drop in funding.

It’s not all bad news, though: Although funding declined in the early half of 2022, it rose steadily from $191 million in Q3 to $279 million in Q4, jumping again to $312 million in Q1. of this year.