Money Isn’t Flowing to Diverse VC Funds: Equality Summit Update

A year-and-a-half into a pandemic, leaders are gathering at the two-day Bloomberg Equality Summit to take stock of the damage to the global economy and chart a way forward toward greater equality for all.

Former Citigroup Inc. executive and New York City mayoral candidate Ray McGuire called out banks for lack of representation for women and minorities. One of London’s hottest chefs, Asma Khan, said sexism almost kept her from opening her popular new location.

On Tuesday, executives gave their perspective on LGBTQ rights, ways to get more diversity in the Wall Street pipeline, and the dominance of White men in Crypto.

Only a Fraction of VC Money Is Going to Diverse Founders — Despite Promises (1:16 p.m. NY)

Despite a push to get more money to a more diverse group of venture capitalists following the murder of George Floyd, “there’s only been a fraction of those commitments that have actually made it into the hands of the populations that were selected,” said Pippa Lamb, a partner at Sweet Capital, an investment fund.

In fact, Lamb says that the slice of the pie going to diverse funds has shrunk. “We've had almost record numbers of funding across the board. Yet, the slice of funding that has gone to minority founders via people of color or female founders has actually decreased.”