Key Findings from 2025 State of Black Venture Report

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Published by Stephen Oluwadara at June 24, 2025

More About BLCK VC

Founded in 2017, BLCK VC is dedicated to increasing the representation of Black investors within venture capital. The 501(c)(3) nonprofit organization equips Black investors with the access, education, and community they need to accelerate their careers in venture capital.

Since its launch in 2022, the State of Black Venture Report has provided a comprehensive analysis of Black investors across all levels of venture capital, from early- and mid-career professionals to seasoned capital allocators, including General Partners, Limited Partners, Managing Directors, and Fund Managers.

The report combines survey data, interviews, and industry research to establish a baseline for measuring progress toward equitable representation in the venture industry.

Speaking in her foreword on why they publish these reports, BLCK VC’s

Chief Strategy Officer Kareema Thomas says, “We share these findings to inform decision-making, shape capital flows, and recalibrate how power operates across venture capital. Black investors continue to lead, despite constraint, despite backlash. But acknowledgement is not sufficient.”

“This report calls for action that is structured, sustained, and accountable. We invite fund managers, institutional partners, and policy actors to engage with the findings, reassess outdated frameworks, and take measurable steps toward equity,” she added.

This year’s BLCK VC report is based on a national survey of 108 Black venture capital professionals, conducted between February 1 and April 18. Respondents represent the full spectrum of roles within the venture ecosystem, from Analysts and Associates to General Partners, Fund Managers, and Limited Partners.

In addition to the survey, in-depth interviews were conducted with a diverse cross-section of Black investors to provide deeper qualitative insights. Silicon Valley Bank (SVB), through its Catalyst 2045 initiative, served as the title sponsor of the 2025 State of Black Venture Report.

SVB’s equity-centred platform seeks to expand opportunity for Black, Latinx, and women professionals by addressing the systemic gaps in access to capital, networks, and leadership.

Key Findings From the State of Black Venture Report

One key aspect of this year’s report is the persistent underrepresentation and shrinking pipeline. Black professionals remain severely underrepresented in venture capital, particularly at senior levels.

Only 17% of all respondents who are under 35 reported a promotion in the past year, which is down from 28% in the previous reporting. This trend highlights the need for clear career advancement paths and leadership development opportunities for Black investors at venture firms.

The data also shows that Black investors are mentoring junior talent. 62% of Black junior-level investors have a Black mentor in the venture community. In comparison, 38% of the respondents claim to have a mentor.

By providing mentorship and job opportunities to the next generation of investors, Black investors can create a solid foundation for a more diverse and inclusive venture capital industry that promotes long-term growth.

In addition, the report revealed that Black investors are increasingly integrating generative AI into their investment workflow. Due diligence reported the highest usage at 51%, while competitive analysis had 49%. This highlights AI’s value in streamlining research and market insights.

Furthermore, a smaller but notable share, 28%, uses Gen AI for portfolio company updates, 23% for deal sourcing, and 21% for risk assessment. This reflects AI’s growing role in early funnel activities and decision-making support.

Also, although still emerging, the data indicates that the use in investment thesis structuring is 16%, while financial modeling stood at 14%. This points to expanding applications in strategic planning and financial analysis.

Learn more about key findings from the State of Black Venture Report.