Record year for venture capital leaves Black founders behind

Last year was the strongest ever for Baltimore, for Maryland and for the nation in terms of venture capital performance. The number of dollars raised by growing companies across the country reached about $130 billion and funding to Maryland firms hit a record $1.159 billion, with companies in Baltimore taking about 26% of that. For Jeff Cherry, a Baltimore venture capitalist and startup accelerator founder, the record-setting raises of 2020 are encouraging. But as a Black investor who has long been vocal about the need for greater diversity among both the funders and the funded, he also saw some shortfalls and opportunities for greater progress.