Only 15% of funding went to startups with a female founder in 2017.
Only 17% of black startup leaders think equal opportunities exist.
28% of female startup leaders have faced discrimination.
Do these numbers surprise you, or are they a reminder of your own struggles? These figures are the result of Huckletree’s survey of the U.K. and Ireland. As a workspace accelerator bringing together startups, scaleups and innovation teams across London and Dublin, we’ve seen firsthand the obstacles faced by founders in our communities - and we believe it’s time for change.
Today, we’re launching ‘Fairer Funding Now’, a campaign to shine a light on the issue of the lack of diversity in startups receiving funding and start the conversation on how to make the process fairer. With Crowdcube’s support, we’re on a mission to put this problem in front of the people who can make a difference.
In response to the campaign results, our Founder and CEO Gabriela Hersham commented,
“The fact that so much discrimination still exists lies in complete contrast to the concept of the technology and innovation ecosystems being open to all. The sad reality is that would-be entrepreneurs who don’t fit the stereotype often face very challenging experiences, putting them off entrepreneurship altogether. As a country, we need to rectify this with urgency.”
Designed to make investing easy for anyone, anywhere, Crowdcube is our ideal partner to help spread the word of the lack of diversity in fundraising. From food to fashion, their platform provides founders from all industries access to the same funding opportunity.
Success stories abound, such as female-founded nut butter brand, Pip & Nut, which raised £120,000 in just nine days, or eFOLDi’s £939,000+ campaign which enabled them to take on the $9bn mobility scooter market. Huckletree member, and social app for mums, Mush hit the headlines earlier this year with a 146% overfunded campaign totalling £926,000. The takeaway? There’s a keen audience willing to back businesses that don’t fit the traditional startup mould - and crowdfunding is one way founders can secure funds outside the traditional VC route.
Crowdcube Co-Founder Luke Lang explains his support for Huckletree’s campaign: “While crowdfunding has gone some way to redress the balance, by providing entrepreneurs access to a more diverse pool of investors, the world of finance still has a long way to go to ensure all ambitious entrepreneurs can access funding to take their business to the next stage."
Have you faced obstacles in your own funding journey due to race, age or gender?
Are you ready to start on the road to investment? Join us at Huckletree West as we bring together thought leaders and the startup community to explore our survey results, debate the state of funding and explore how change can be affected. RSVP now to be part of the conversation.
‘Fairer Funding Now’ is here. Watch the full campaign video.