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In February 2023, CNBC reported that less than 2% of total VC dollars go to Black entrepreneurs. In addition, Black investors make up only 3% of the VC industry, per Fast Company. Staggering numbers such as these back why Armstrong emphasized the critical need for Black woman investors like herself to help fund Black woman entrepreneurs and provide resources from their network.
“That is the only way that we’re going to continue to progress in the space,” she said. “When you think about the venture capital dollars that go to diverse founders, then you break that up into Black founders, it’s like 1%, but then Black female founders it’s like 0.02%. For that number to really move, we must continue to invest in each other, and we understand the nuance of what it is to get up every day and present ourselves to the world as Black women.”
She added, “And sometimes those who do not have to sit in those shoes, they don’t understand that. So that’s why I think it’s important not only to provide capital but resources around networking or customer introductions — anything that we can do to help move [their companies] forward.”
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