Black British entrepreneurs find new ways to land funding as diversity efforts are scrapped

Former Goldman Sachs executive Ayesha Ofori faced numerous rejections from venture capitalists for her female-focused financial investment platform, Propelle, despite her impressive background at Morgan Stanley and an MBA from London Business School. Ofori highlighted the challenges faced by Black founders in securing funding, with only 0.23% of venture funds going to Black founders in 2018. While Britain’s tech sector saw record investment levels in 2021, diversity and inclusion efforts post-Black Lives Matter movement resulted in a high of 1.13% of investment going to Black founders, which has since dropped to 0.95% in 2023 according to Extend Ventures data.

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