Chicago's tech startup diversity outpaces the national average, but a new report says more must be done to support founders who are women, Black and/or Latino.
The report from World Business Chicago's Research Center says that from 2019 to 2021, capital raised by women, Black and Latino founders increased 159%.
Underrepresented founders made up 23.4% of total 2022 VC capital so far, up from 8.2% for all of 2019. Since 2019, Chicago has more startups with a Black or Latino founder participating in venture capital deals than the national average .A lot of that money comes from two Series D funding rounds: Loadsmart raised $200 million and Kin Insurance raised $82 million. Both have Latino founders.According to the report, over 20% of Black entrepreneurs report a lack of access to capital.
Women-founded startups are still raising less capital; their median VC deal in 2022 was $1.01 million, compared with $1.65 million for all companies.Overall, the tech sector has raised less money in 2022 than in 2021. There has been $2.5 billion in capital raised for startups in the first half of 2022, on pace to fall way short of the overall $11.8 billion raised in 2021.
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