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Voices in Motion
The 2025 State of Black Venture Report
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The 2025 State of Black Venture Report presents the most comprehensive analysis to date of Black professionals across all roles within the venture capital ecosystem. From analysts to general partners, this report explores systemic barriers, innovative strategies, and critical paths toward equity.
A New Benchmark for Black REPRESENTATION IN VENTURE
Over the past three years, the State of Black Venture Report has illuminated the experiences of Black professionals navigating an evolving yet challenging industry. The 2025 report expands its lens, capturing critical insights on representation, pathways, and strategies Black investors employ amidst growing headwinds.
Charting the Journey, Sharpening the Vision
From our founding story to this year’s CEO message and video foreword, these reflections trace how far we’ve come and where we’re boldly headed. Together, they ground the State of Black Venture in lived experience, institutional growth, and the urgency of this moment.
Where Purpose Met Power:
The Founding of the State of Black Venture Report
A Message from Our CEO
Rob Gordon IV
Introducing the 2025
State of Black Venture Report
KEY FINDINGS
Persistent Underrepresentation and Shrinking Pipeline
Credential Concentration Reinforces Gatekeeping
Gender Disparities Reflect Broader Industry Trends
Black Women Face Persistent Barriers to Advancement Despite Stronger Development
Career Entry Through Tech and Finance, but Broad Skillsets Matter
Stagnant Career Mobility and Limited Internal Advancement
AI Adoption Expands Across the Investment Lifecycle
Black Fund Managers Face Persistent Capital Gaps
Alternative Models Gain Traction
DEI Messaging Shifts Amid Political Backlash
BLCK VC Remains a Cornerstone for Capacity-Building
THE LANDSCAPE FOR BLACK VCs
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Since its launch in 2022, the State of Black Venture Report has provided a comprehensive analysis of Black investors across all levels of venture capital, from early- and mid-career professionals to seasoned capital allocators, including General Partners, Limited Partners, Managing Directors, and Fund Managers. By combining survey data, interviews, and industry research, the report establishes a baseline for measuring progress toward equitable representation in the venture industry. Our research continues to expose a stark truth: Black investors remain severely underrepresented, especially in senior roles.
As of 2022, venture capital professionals are overwhelmingly white and male. White men account for 58% of all investors and control 93%...
BLCK VC IMPACT and COMMUNITY ENGAGEMENT
Programs & Participation
BLCK VC Plays a Vital Role in Professional Development and Community Building
BLCK VC has been instrumental in building networks, providing high-quality educational programming, and facilitating the entry of Black professionals into the venture capital industry. Alumni of the Black Venture Institute (BVI), along with individuals who have engaged with BLCK VC through events, resources, or general support for its mission, consistently emphasized the organization's central role in their professional development. Participants emphasized the valued networking opportunities and foundational knowledge gained through these initiatives.
A central takeaway from the qualitative interviews was the distinctiveness of BLCK VC’s programming and its critical role in not only increasing representation within the venture capital field, but also in challenging and expanding the definition of what constitutes “traditional” venture capital. Interviewees also highlighted the flexibility of BLCK VC’s approach, especially when compared to other, more rigid training programs.
While the impact of BLCK VC was strongly affirmed, interviewees expressed a clear need for more structured post-program engagement. Many called for ongoing access to mentorship, learning opportunities, and community-building efforts beyond the formal curriculum.
In light of both professional demands and the broader socio-political climate, respondents recommended the creation of additional virtual and in-person forums. These spaces would support ongoing dialogue, peer connection, and sustained momentum for Black professionals in venture capital.
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The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
The 2025 State of Black Venture Report
My good friend and Google Ventures GP Tyson Clark (may he rest in peace) first introduced me to this amazing organization. I’m thankful he and founders Frederik and Sydney understood that being “in the room” means pulling more people in and up with you. I eventually joined a BLCK VC BVI cohort and continue to donate and support. The network matters. Knowledge is essential, but community is what sustains you. And we need an active, sharing community right now. Local chapters. Regulator meet-ups in DC. Happy hours. BLCK VC provides leadership presence, organization, and a steady voice.
Jonté Harrell
Founder & Managing Partner, Ossian
Capital, CFO + CRO, ZenLedger
Capital, CFO + CRO, ZenLedger
About The Research
This report is based on a national survey of 108 Black venture capital professionals, conducted between February 1 and April 18, 2025. Respondents represent the full spectrum of roles within the venture ecosystem from Analysts and Associates to General Partners, Fund Managers, and Limited Partners. In addition to the survey, in-depth interviews were conducted with a diverse cross-section of Black investors to provide deeper qualitative insights.
This report was produced by BLCK VC in partnership with Trevor Teason of Teason Consulting, and Lucy Odigie-Turley of ResearchBuildConnect. We extend our sincere gratitude to Catalyst 2045 at Silicon Valley Bank for serving as the fiscal sponsor of this project. Catalyst 2045 is dedicated to increasing opportunities for underrepresented individuals in the innovation economy by providing educational and workforce opportunities, enhancing connections and funding for female and minority-founded startups, and promoting diversity in leadership roles.
Their support ensured we could bring this research to life with integrity and care.
Our Report Sponsor
Advancing Equity in Venture Capital
Silicon Valley Bank (SVB), through its Catalyst 2045 initiative, serves as the title sponsor of the State of Black Venture Report and a critical partner in our ongoing work to reshape the venture capital landscape. Their leadership underscores a deep, long-term commitment to increasing representation across the innovation economy.
Catalyst 2045, SVB’s equity-centered platform, seeks to expand opportunity for Black, Latinx, and women professionals by addressing the systemic gaps in access to capital, networks, and leadership. This mission aligns closely with BLCK VC’s efforts to amplify Black voices in venture, dismantle barriers to advancement, and invest in structural change.
SVB’s support goes beyond sponsorship. Through programs like Access to Innovation, the Catalyst 2045 team continues to champion actionable strategies that challenge exclusionary norms and build pathways for historically underrepresented communities. This collaboration reflects a shared belief that economic development and equity must move together.
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We extend our sincere thanks to Tosh Ernest, Head of Catalyst 2045, and Jeremy Rich, Senior Vice President at SVB, for their unwavering partnership. Their advocacy, vision, and commitment to this work have helped bring this report to life with care, clarity, and purpose.
Together, we are moving with urgency. We are investing in lasting change. And we remain focused on building a venture ecosystem where equity is embedded in structure, not framed as exception.
ACKNOWLEDGMENTS
We extend our deep appreciation to our board of directors, board emeritus, research collaborators, and partner organizations whose support helped shape the work. We are especially grateful to the individuals who generously shared their lived experiences and insights throughout the research process. Their candor and perspective were instrumental in grounding this report in the realities of today’s venture landscape. Special thanks to the following contributors:
Victoria Adesanya, Founder & Managing Partner, VOA Venture Partners- Kristy An, Director of Insights, Management Leadership for Tomorrow
- Maurice Boissiere, Partner, DataTribe
- Austin Clements, Managing Partner, Slauson & Co.
- Charlotte Clark, Economic Development Fellow & Angel Investor
- Nathan Conquest, Associate, Silicon Valley Bank
- Antonia Dean, Principal Investor, Black Ops VC
- Jonté Harrell, Founder & Managing Partner, Ossian Capital; CFO & CRO, ZenLedger
- Jonathan Johnson, MD, MBA, President & CEO, Comprehensive Wound Care
- Kange Kaneene, Partner, Level Up Ventures
- Jesse Posey, Managing Partner, Dreamward Ventures
- Jason Alexander Scott, Founder & Managing Partner, Five-Two-Five
- Dujon C. Smith, Global Investment Lead, Accenture Founders Development Program, Accenture
- Earnest Sweat, Managing Partner, Public School Ventures & Stresswood, BLCK VC Board Emeritus
- Dr. Ebony Utley, Co-Founder & Managing Director, Ensemble Innovation
- Joshua Woods, Senior Associate, Ares
Voices from the Frontlines of Venture
Behind every data point is a story. This section amplifies the lived experiences of Black fund managers and partners navigating venture capital today.
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Troy Duffie
Director, Milken Institute
Blck VC’s Mission and Impact
Building a More Equitable Future in Venture Capital
Founded in 2017, BLCK VC is a 501(c)(3) nonprofit organization dedicated to increasing the representation of Black investors within venture capital (VC) now and for generations to come. We equip Black investors with the access, education, and community they need to accelerate their careers in venture capital.
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As the premier nonprofit organization dedicated to empowering Black investors in the U.S., BLCK VC aims to close the racial funding gap through education, community, and data. Our members and chapters are nationally recognized as diverse leaders shaping the industry's future. By mobilizing key influencers in the industry, we drive meaningful change across the VC landscape. We operate chapters across the U.S., including Atlanta, Chicago, Los Angeles, New York City, San Francisco, and Washington D.C., allowing us to engage deeply with regional investor and startup ecosystems. Our industry-leading programs help aspiring and existing Black investors succeed in venture capital. We also partner with leading venture firms and mission-aligned nonprofit organizations.
BLCK VC has developed and launched several programs to help aspiring investors at all levels successfully transition into venture capital roles and support existing venture investors in sharpening their skills and excelling in their careers.
This Is Just the Beginning
Continue the conversation. Take part in ongoing efforts to build equity in venture by:
FOREWORD
Venture capital does not exist apart from the systems that shape it. The current political climate has weakened institutional resolve to advance equity, while public discourse has shifted away from inclusion, often obscuring the structural barriers that continue to define access and legitimacy in the industry. These dynamics restrict economic participation and reproduce long-standing disparities in who is funded, who leads, and who is believed.
The 2025 State of Black Venture Report offers a reflection of these conditions. The report captures the perspectives of Black investors navigating an industry marked by exclusion, in a moment when overt resistance to equity is resurging. This year, fewer than one in four respondents identified internal promotion as a clear path forward, a sharp decline that signals deeper concerns around how advancement is evaluated and trust is distributed.
At BLCK VC, we remain committed to surfacing these truths with clarity and purpose. Every two years, we collect and analyze data grounded in the lived experiences of our community. This report is not an abstract commentary. It is a strategic tool. We share these findings to inform decision-making, shape capital flows, and recalibrate how power operates across venture capital.
Black investors continue to lead, despite constraint, despite backlash. But acknowledgement is not sufficient. This report calls for action that is structured, sustained, and accountable. We invite fund managers, institutional partners, and policy actors to engage with the findings, reassess outdated frameworks, and take measurable steps toward equity.
We will continue to advocate, organize, and lead. We are building the infrastructure required to weather cycles of resistance and accelerate progress. The future of the industry will be shaped by the decisions made now. We welcome those who understand what is at stake to step forward with us.
Together, we can build something more durable, more transparent, and more just than what came before.
In Community,
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