HBCUvc Invested $10M Into Black-Founded Startups In 2024

HBCUvc Alumni Fellows invested over $10 million into Black-founded startups and organizations, according to the organization’s 2024 Annual Impact Report.

Black entrepreneurs still struggle to gain capital. In 2024, Black-founded startups received just 0.48% of total US venture capital, from 1.3% in 2021 and 0.5% in 2023, according to Crunchbase. This decline comes at a time when the country is facing a vast overturn in DEI initiatives.

HBCUvc aims to create a smooth pipeline of investors, supporting its program participants from their first exposure to venture capital through hands-on experience and, ultimately, capital deployment. In 2024, nearly half of the organization’s alumni reported investing in a Black-founded company.

In a letter to Alumni, HBCUvc CEO Hadiyah Mujhid said, “As we enter 2025, we are scaling our efforts. We are formalizing an angel investing training program to equip more HBCU alumni and allies with the tools to deploy capital effectively.”

What were some of the key findings from the report?

Black-founded ventures received only $201 million in total venture capital funding, displaying 0.4% of overall quarterly venture funding. Some top-funded industries included Artificial Intelligence (AI), Healthcare, and Fintech, led investment activity among Black-led companies.

The report also found a gap in Series A funding, with only 17% of Black-founded deals reaching this stage compared to 37.7% overall. Techstars, Latimer Ventures, Gaingels, Black Tech Nation, and Collab Capital were part of the active investors in Black-led startups.

What else is HBCUvc supporting Black communities?

HBCUvc runs several events in the year targeted to giving back to Black communities. These events include the Innovators Summit @ NBA All-Star Weekend, which took place last February. It was held at Indianapolis Innovators Summit in partnership with Eli Lilly, BLCK VC, and Indianapolis-based VC firm Sixty8 Capital.

The summit highlighted Indianapolis’ growing Black entrepreneurial ecosystem, generated over $52,000 for participating Black-owned businesses, and supported over 20 Black-owned businesses and vendors.

Last October, a SpelHouse VC Mixer was held in collaboration with Silicon Valley Bank, BLCK VC, Opportunity Hub, and Sway Capital. Over 100 people attended the mixer, held in Atlanta, where founders, venture capital
partners, and program alumni, gathered to meet, connect and champion Black-led innovation in venture capital.

Image: Bailey Garrot and Socap

Amendment: On March 4, 2025, this article was edited to include more information about HBCUvc’s aims.