Research Report

Turned Down in the Downturn: Funding Gap Grows for Underrepresented Founders

The Funding Divide 2024

After the startup fundraising market tightened considerably in 2022, access to early-stage capital grew even more difficult in 2023. 

In our fifth year tracking these biases, we found that historically underrepresented founders were hit hardest by the slowdown. As some optimism returns to the fundraising marketplace, will these founders be the slowest to feel the turnaround?

Get the comprehensive report, plus our past 4 years of research and insights from investors and founders. 

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A few of our key findings

Fundraising friction
All-female teams with minority members had 24% fewer VC meetings and raised the least of all demographics.
Team demographics
All-female teams raised 43% less than all-male teams.
Pitch deck scrutiny
VCs spent 66% more time on all-female team slides compared to all-male slides.