New DocSend Report Reveals Hurdles Resurfacing for Underrepresented Founders in Tight Fundraising Climate

Female and minority founders experienced fewer investor meetings and increased startup scrutiny in 2022, as 2021 optimism fades

SAN FRANCISCO , May 23, 2023 /PRNewswire/ -- DocSend, a secure document-sharing platform and Dropbox (NASDAQ: DBX) company, today released a report showing funding opportunities for minority and all-female teams in 2022 were disproportionately challenging compared to all-male and/or all-white founder teams. That data indicates although historically underrepresented startup teams saw improved investor engagement in 2021, they did not see the same progress carry over in 2022. In tighter economic conditions, all-female teams with no minorities had the most meetings in the least amount of time, raising less money – with 17% more investor meetings and 48% drop in the amount raised.

The fourth annual Funding Divide report shows VCs gave fewer dollars and inconsistent attentiveness to all female teams and female teams with minority members in 2022, following a year of positive momentum for underrepresented founders. All teams saw a steep decline in VC spending, but the cutback inconsistently affected the amount of time women and minority groups spent fundraising, as well as the number of meetings held and funding dollar amounts.

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