Black founders hit highest quarterly funding since 2022, with a catch
▼ Summary
– Black-founded U.S. startups raised $643 million in funding since the start of the year, the highest amount since 2022 when they raised $653 million.
– This year’s total already equals nearly 70% of the $942 million Black founders raised in all of 2023, which was 0.32% of total venture dollars.
– The funding spike is driven by just 34 deals, led by SambaNova’s $350 million Series E, Noviq’s $75 million Series B, and Harper’s $47 million round.
– Despite the increase, Black founders’ $643 million is still tiny compared to the $252 billion raised by all U.S. startups in the same period, indicating limited progress.
– Crunchbase’s head of research cites limited access to networks and early introductions as key barriers, noting that funding to Black founders has declined faster than the overall venture downturn.
Black founders have raised $643 million so far this year, marking the highest quarterly total since 2022, according to new data from Crunchbase. The figure is striking not only for its size but for how quickly it has accumulated. In just a few months, Black-founded U.S. startups have already pulled in nearly 70% of the $942 million they raised across all of last year, a sum that represented just 0.32% of the $290 billion total venture funding in 2025.
That surge, however, comes with a significant caveat. The total is driven by a handful of large deals: just 34 rounds, per Crunchbase. The standout is SambaNova, an AI hardware company that closed a $350 million Series E. Other notable rounds include Noviq, a sports prediction startup that raised $75 million in Series B, and Harper, a YC-backed AI insurance platform that secured $47 million. While the $643 million figure is a record relative to recent years, it remains tiny compared to the $252 billion raised by all U. S. startups in the same period, suggesting little has changed in terms of broader progress.
Gené Teare, head of research at Crunchbase, told TechCrunch that the persistent barriers for Black founders include limited access to networks, relationships, and early introductions. These challenges persist even in what she described as an “increasingly concentrated, AI-centric funding market of 2026.” She added that while the overall venture market has been in a downturn for eight to nine quarters, funding for Black-founded companies has declined at a faster rate.
What comes next is uncertain. The same concentration that produced these large rounds could just as easily yield nothing in the months ahead. The current environment has been described as a barbell market, where capital flows to a narrow set of high-profile winners while many others, including some venture funds themselves, struggle to raise money. Teare questioned whether the industry’s heightened caution is preventing investors from backing first-time founders, who are more likely to come from diverse backgrounds.
(Source: TechCrunch)
