1. More deals,
less money:
the Black founder
funding journey today

2. How does the funding journey
for Black founders compare
to non-Black founders?
Our research group
323 Black founders
2,193 non-Black founders
2
In 2022, we explored the funding journeys for
Black founders and saw that they still receive
less than 1% of funds invested in the US—even
amidst historic VC levels.
One year later, in 2023, we followed the same
group to see how their experience compared.

3. Black founders
are receiving
1.7x more deals
than their
counterparts.
That’s good news, right?
Unfortunately, not so much.
3
Black Founders (n=323) | Non-Black Founders (n=2193)
Average number of total deals
5.63
3.27
All
deals
1.7x

4. “The problem is not getting the funding. The
problem is when I get the funding, it's much
less. That puts significantly more burden on
your life because you're not going to be able to
spend on the company or your cost of living at
the same quality as your white counterparts.”
—Black Founder
4

5. Black founders
receive 42% less
funding per deal.
Black founders must raise more
deals to get the same amount as
their counterparts, which impacts
business decisions:
Copyright © 2023 Accenture. All rights reserved. 5
Black Founders (n=323) | Non-Black Founders (n=2193)
Median raised per deal (M)
1.17
2.00
All
deals
42%
Sacrificing long-term growth
for short-term gains
Greater need to rely on own
revenue to sustain growth
Reduced financial resources to
hire and retain top talent
Less room for error

6. “The dedicated capital available to Black
founders isn't that big. That ends up
confining you to what you think is
attainable… it puts you in a smaller box.”
—Black Founder
6

7. How can VCs help close the gap?
7
The lack of equitable funding to Black founders from 2016-
2020 resulted in a $67B loss in business opportunities—
impacting enterprises and Black generational wealth.
Moreover, when innovation is not seeded by diverse
sources, everyone misses out.
Here’s what the VC ecosystem can do:
Support Black founders in early funding stages
Help Black founders advance from Series A to
late-stage rounds
Diversify VC decisionmakers to create more
opportunities for Black founders
01
02
03

8. “Even when Black founders are funded,
they're not funded correctly. They're not
given the correct valuations, and
ultimately it decreases their opportunity
of success.”
—Black Founder
8

9. What can Black
founders do
right now?
With less funds available, Black founders
cannot wait for institutional change. These
actions can help improve their chances of
success in today’s environment:
9
01
02
03
04
Build a strong “effective network”
of the advisors and investors who value diversity
Evaluate investor needs to better position
yourself to secure funds and “sell equity”
Learn from successful founders how to navigate
nuances in pitching, facilitate warm introductions
and negotiate better terms with investors
Set empowering milestones dependent only on
yourself, your team and your product
Be authentic and never feel the need to code-
switch to appease or play to anyone’s
perceptions
05

10. 10
About the Black Founders
Development Program
Accenture’s Black Founders
Development Program aims to level the
playing field for Black entrepreneurs
through access to venture capital,
corporate mentorship, and strategic
connections with Accenture’s business
partners, clients and people. The
initiative is led by Accenture Ventures.