The Black Lives Matter movement shone a spotlight on European tech’s dismal progress on ethnic diversity and while better data is emerging, more is needed at the pan-European level. While many founders found it tough to get funding this year, this is especially true for underrepresented founders. Progress on gender diversity has stalled, while discrimination remains a systemic problem. Covid-19 put the brakes on much needed change, and more action is needed if Europe is to stop squandering talent and value.
62% of underrepresented founders report finding it more challenging to get funding this year - a 32% jump from 2019 - vs 54% of white founders.
Progress on gender diversity in European Tech stagnated this year, with all men teams capturing 90.8% of all capital raised (90.3% in 2019) and 85% of all rounds.
Our survey continues to highlight this as a systemic problem for our ecosystem with 59% of Black/African/Caribbean women and men having experienced discrimination in some form in the last 12 months.