Last year was a great one for Black web3 founders. Despite the crypto winter, venture capital (VC) funding to these entrepreneurs increased. This is in stark contrast to other trends that have been seen throughout the industry over the past few years.
The amount of VC investment into Black web3 founders has grown significantly since 2018, and this growth continued through 2019 despite market conditions being less than ideal for many investors and startups alike. According to data from Crunchbase, there were more than 20 deals involving African-American-led blockchain projects last year alone – up from just two in 2017!
This increase in VC funding towards Black web3 entrepreneurs is certainly encouraging news as it demonstrates an increasing willingness among investors to back diverse teams within this sector of tech innovation. It also serves as a reminder that even during difficult times such as those experienced by many during 2019’s crypto winter, opportunities still exist for those willing to take risks on new ideas and technologies – particularly when they come with strong leadership at their helm!