According to Crunchbase's latest data, $643 million has flowed into US Black-founded startups since the beginning of the year - a figure not seen since 2022, when Black founders raised $653 million. For context, Black founders raised $942 million of all venture dollars last year (that's 0.32% of the $290 billion total, per Crunchbase estimates). So in just a few months, they've already raised nearly 70% of what they did in all of last year.

Driving this funding are just 34 deals, per Crunchbase, most notably the $350 million Series E raised by AI hardware company SambaNova, followed by sports prediction startup Noviq (which raised a $75 million Series B) and the YC-backed AI insurance platform Harper (which raised $47 million). Still, while the $643 million raised so far is a record sum compared to recent years, Crunchbase notes it's still quite small compared to the $252 billion US startups have raised overall in the same period - and doesn't exactly suggest significant progress is being made.

Speaking to TechCrunch, Crunchbase's head of research Gené Teare said the factors holding back many Black founders include "access to networks, relationships, and early introductions," even in the "increasingly concentrated, AI-centric funding market of 2026." "We are eight to nine quarters into a venture funding downturn, but Crunchbase data has shown a persistent decline in funding to Black-founded companies that outpaces the overall decline in startup funding," she continued.

For now, it remains unclear what might happen next - there could be 34 more big deals this quarter, or there could be literally nothing. In some ways, it's a reflection of the market, which has been described as barbell or bifurcated for the way in which certain groups, like even some venture funds, have struggled to raise capital. "One has to wonder if the abundance of caution that's now prevalent in the industry has prevented investors from taking chances on first-time founders who are more likely to be diverse," Teare said.