At Foundervine, we focus on building a world with no social or economic barriers to innovation. Funding remains extremely elusive for diverse and underrepresented founders. According to an Extend Ventures report that reviewed funding data over a 10 year period from 2009-2019, funding disparity is rampant:
All-ethnic teams received an average of just 1.7% of venture capital funding
All-female teams received just 2.87% of funding compared to 68.33% for all male teams
Despite Black and multi-ethnic communities making up 14% population, black founders have received just 0.24% of total investment
Black female founders have an even tougher time, receiving just .02% of funding
It is clear that funding is the biggest barrier to creating inclusive, sustainable new economies. One of our main goals in the coming years is to provide our community with access to funding. We launched this initiative by becoming a development partner for the Social Enterprise Support Fund and supporting our community in applying for funding.