In 2020, Tech Nation partnered with Extend VC and Impact X on a report which showed the correlation of how the colour of a founder’s skin can adversely affect their access to capital in the UK. The report found that from 2009 to 2019, only 38 Black entrepreneurs received venture capital funding, which is something we think is unacceptable. As a country, we need to look at these numbers and make the next 10 years better.
In 2020, we saw the most energised Black Lives Matter movement take centre stage and be hyper-visible across the world. We saw organisations making public statements of change, such as Google supporting and investing in early-stage Black business across Europe. From the data, we can all agree venture capital has been historically a white-dominated industry. In the 2020 Atomico State of European Tech Report, they agreed that the BLM movement has cast a spotlight on the massive racial inequalities in the European tech ecosystem.
We believe this change will only come by challenging and improving the current landscape of tech and the investment sector, but also by actively offering support, peer to peer contact and a safe space for Black tech founders. The Libra programme aims to do all these things.