9 months ago
19
Despite increased attention on funding inequities over the past few years, the lion’s share of funding still goes to brands with at least one male or white founder.
In 2023, Black founders raised less than half a percentage of the total venture dollars issued in the U.S., down more than 50% from the previous two years, according to data compiled in January by Crunchbase. All-female founding teams fared slightly better by receiving 1.8% of all VC funding last year, a dip from 2.1% in the previous two years. Thanks to strong economic headwinds, the financial pie is also smaller. Last year, startup funding fell to its lowest level in five years, taking a 30% hit from 2022, according to data compiled by Pitchbook.
With the added, politically orchestrated backlash against corporate and venture DEI programs, many beauty insiders fear a chilling effect could slow the momentum gained since 2020 for a more diverse beauty industry. It’s put a spotlight on the homegrown accelerator programs being carried out at leading retailers after pledging to diversify their store shelves, with one standout program gaining attention across the industry.
Continue reading this article on glossy.co. Sign up for Glossy newsletters to get the latest on the business of beauty, fashion and pop culture.
English (US) ·