“With 81 percent of venture capital firms not having a single Black investor, Black founders rarely have the opportunity to form personal relationships that lead to venture capital investment.”
Owens isn’t the only one who’s noticed how the pandemic has changed funding for Black founders. In 2019, Tracy Garley launched, where she serves as chief executive officer, to “make it financially possible for girls and women to start living their dreams.” Since the pandemic, Garley said, “The funding landscape for Black founders has become significantly worse. Traditionally venture capital deals happen behind closed doors and are based on personal relationships.
Garley notes that while the current moment has pushed an “an increase in Black faces used for marketing inclusion,” there is still more to be done, adding, “less than 1 percent of venture capital checks [are] actually invested into Black companies.”Owens said that iFundWomen’s founder, Karen Cahn, realized that crowdfunding is “an exercise in sales and marketing” while crowdfunding for her own startup.
“An increasing number of entrepreneurs are turning to iFundWomen because they’re frustrated with the systemic barriers standing in their way,” Owens said. However, she’s noticed a deeper hesitation towards crowdfunding from women of color, “which can be attributed to not feeling like they have a strong enough network or not wanting to show the vulnerability to ask their network for support.”
But when they turn to their communities, a number of Black women have had massive success with crowdfunding. In 2019, Dawn Dickson became the first Black woman to
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