Black investors are making inroads in the US venture capital industry, but their impact is limited because they attract less capital than is typical, a new report says.

BLCK VC, a nonprofit focused on bringing more Black investors into the industry, found that 27% of 122 Black venture investors it surveyed had launched funds within the past two years. That “underscores the recent rise of Black partners in venture capital”, said the report, which polled general partners, managing directors and partners from 109 firms in 2021.