Research Report

The Funding Divide 2023: Tracking Bias in Early-Stage Fundraising

The macro environment in 2022 created a challenging climate for early-stage founders raising capital. But have all founding teams been affected similarly by the current headwinds?
In our fourth year tracking these biases, we found that historically underrepresented teams that saw more VC engagement in 2021 didn't see sustained progress carry over in 2022.
Get the comprehensive report, plus our past 3 years of research and insights from investors and founders.

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A few of our key findings

Team Demographics
All-female teams raised 36% less than all-male teams
Pitch Deck Scrutiny
VCs spent 125% more time on all-female team slides
Fundraising Inequity
Teams with minority members raised 33% less than all-white teams