How We Think About Underrepresentation

We understand underrepresentation broadly and inclusively, recognizing that it shows up in many intersecting ways. We use the term underrepresented to describe individuals/communities who, due to historical patterns of exclusion and bias in financial systems, have had significantly less access to capital.

Gender and Gender Identity

Female founders still receive only ~2% of venture dollars.

Race and Ethnicity

Black founders received a record low 0.4% of venture dollars in 2024.

Latino founders receive < 2% of venture dollars.

Indigenous founders receive <.01% of venture dollars.

Disability Status

Disabled founders are 400 times less likely to receive venture dollars.

Sexual Orientation

LGBTQ+ founders receive < 1% of venture dollars.

Socioeconomic and Geographic Background

Founders from rural, tribal, or economically disadvantaged communities face limited access to startup networks, community support and resources. Venture capital investments are extremely concentrated with 10 largest cities in the US accounting for 77.6% of all US VC investments.

Please note that this is a non-exhaustive list of characteristics and backgrounds that are considered underrepresented.