Venture capital dollars for black founders in Q1 2023 only 0.69%

Ike Geez Blimey However you feel about it, it might be time to focus on alternative funding avenues.

They are black creators New Crunchbase data, which looked at seed, venture, private equity and corporate venture capital funding allocated to black entrepreneurs, showed a year-over-year decline in funding in Q1. This could be a good time to look for alternative funding avenues, the founders told TechCrunch+.

The data set shows that in Q1 2023, black founders grew their estimated revenue by 0.69% or $312 million, compared to $45 billion in the quarter, according to Crunchbase. According to Crunchbase’s numbers, Black founders’ funding decreased year-over-year from Q1 2022, when Black founders spent 1.5% — or $1.26 billion — of the $81 billion allocated to private funds.

This is a 75.2% reduction in funding.

It’s not all bad news, though: although funding declined in the first half of 2022, it increased from $191 million in Q3 to $279 million in Q4.