The tech sector remains dominated by white males. Only 1% of venture capital funding went to black founders in 2018, according to a study led by Silicon Valley Bank. Only 3% of investment partners are African-American and another 3% are Latino, according to a 2018 survey by the National Venture Capital Association and Deloitte.
But VCs already have the means to back people of color – if only they would break out of their bubble. Some do, without forming new funds. Squire Technologies, a barbershop management app co-founded by two black men in Buffalo, New York, on Tuesday announced $34 million in funding led by CRV, a predominantly white-led venture capital firm. But these are the exception not the norm.
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