https://techcrunch.com/2023/06/12/venture-firm-black-seed-5m-fund/

British early-stage venture firm Black Seed has raised £5 million ($6.2 million) as part of its inaugural fund to solely support Black founders in the country. The round was led by asset manager M&G Investments, with additional support from Atomico and Molten Ventures. The firm is hoping to raise an additional £5 million to close the round.

Black Seed was launched to address the lack of funding Black founders receive in the U.K., according to its founders: Karl Lokko, Cyril Lutterodt and founding member Yvonne Nagawa. Black founders in the country received only 0.24% of all VC funds between 2009 and 2019, and only 10 Black British women were able even to raise at all, according to a report by Extend Ventures. That’s worse in some ways than in the United States.