much hope remains After a crypto winter nearly froze the sector, Luna crashed, Celsius went bankrupt, and FTX founder Sam Bankman-Fried was arrested on fraud charges. had.
2021, web3 startups around the world Raised a record $29.2 billion. By 2022, that number had dipped to $21.5 billion, but still, such companies earned $4.8 billion in 2020 and $4.2 billion in 2019, respectively. far surpasses
black man invested in crypto unfairly beaten But many Black founders and investors TechCrunch spoke to remain optimistic about the field’s potential for communities and society at large. If anything, last year’s economic adjustment was necessary, they told TechCrunch.
‘The bubble had to burst’ People of Crypto co-founder Simone Berry Said. “It was not sustainable and needed an economic fix. It has paved the way for developments that ensure the growth of the ecosystem in any way possible and add value.”
Price Adade-YebesiThe co-founder of Utopia Labs also agreed. “This period was a justifiable consequence of a period of rampant speculation and fraud,” he told TechCrunch. It’s a return to the reality that it’s an important change of pace for the space.”
Cryptocurrency winter has been one of the most productive years as funding for black web3 founders continues to grow. According to Crunchbase data, a black web3 founder in the US raised $60 million (out of the total $11.9 billion given to all web3 startups in the US in 2022). This amount significantly surpassed his $16 million received by such a founder in 2021, making it a record-breaking year for cryptocurrencies (US web3 startup said he earned $16.5 billion that year). received).
In 2017, it raised $11 million out of $1.03 billion, and in 2018 it raised essentially $0 out of about $2.8 billion. Notice the thin line in the chart below that doesn’t look red. In 2019 and 2020, black web3 founders raised $2.4 and $4.5 million, respectively, from $2.4 billion and $3.2 billion.
Last year’s fundraising was difficult for many black founders, many of whom were hit by the recession, but black web3 founders raised record amounts amid an overall decline in the web3 funding market. It’s clear that we were able to get it. Investors also seem to be bullish on black founders in a way, a change in how such entrepreneurs are usually thought.