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Diversity Beyond Gender

Quantitative Research Report
November 2020

2019 was a record year for UK venture capital, with more than $13.2 billion invested in startups across the nation. Historically, funding for Black and Multi-Ethnic founders has paled in comparison to that for founders from majority groups. This report analyses the extent of the UK funding gap to understand if bias beyond gender exists in the UK venture capital market and what opportunities lie ahead to make access to innovation and entrepreneurship more equitable.


It is widely acknowledged that the coronavirus pandemic presents an opportunity to build back better. At Extend Ventures, we see this as an opportunity to ensure that the UK has the information to begin to put right some of the historical actions that have created the levels of inequality we see throughout venture capital and indeed society today. Removing inadvertently placed barriers to accessing capital for untapped entrepreneurs has the potential to yield significant returns for the entrepreneurs themselves, their disproportionately affected communities and the wider UK economy.

Please submit your details below to access the full report and join our mailing list.

Special thanks to: Tech Nation, Impact X Capital, Diversity VC, Goodman Derrick and Colour in Tech.

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Impact of Covid-19 on Black and Ethnic Minority-led businesses

Survey Results 
May 2020

The Covid-19 crisis has had a devastating impact not only on people’s lives but also on many parts of the UK economy. As the government has raced to deliver life support to businesses, the needs of one group of business owners have largely been overlooked: diverse founders and Black and ethnic minority entrepreneurs. Covid-19 is already having a disproportionate impact on ethnic minorities, who are over-represented in the death toll. While there is ongoing research into the reasons for this health discrepancy, we also need a better understanding of the implications of the pandemic for minority-led businesses.


Extend Ventures and Your Startup Your Story (YSYS), in collaboration with the community organisations CGV, 10x10, Kwanda, BYP, Colorintech and BGV, surveyed Black and ethnic minority founders to understand how they are surviving in this economic climate and whether the current government support meets their needs.

Respondents to this survey shared details about the stages of their companies, estimated runway, their eligibility for government support, where they need the most help right now, and more.

Please submit your details below to access the full report and join our mailing list.

Special thanks to The Equal Group, 3 Colours Rule, Lewis-Reid Ltd. and Jamii.


Atomico: State of European Tech 2021

The definitive take on European Tech

December 2021

Record growth drives new milestones

Europe is firmly positioned as a global tech player in 2021, with a record $ 100B of capital invested, 98 new unicorns, and the strongest ever startup pipeline, now on par with the US.

Talent is betting on tech

The European tech talent pool is deeper and more experienced than ever, as talent is recycled across the continent. However many founders – particularly those from under-represented backgrounds – are finding it as hard as ever to access capital.

European entrepreneurs are shaping their own path

European tech has become a breeding ground for companies across all sectors. From frontier tech to crypto and enterprise SaaS.

Investing in Europe is more attractive and dynamic than ever

VC has become the leading funding mechanism for entrepreneurs. As the opportunity set matures, global investors are doubling down: from seed rounds to public markets, there are now more international investors and buyers active in Europe. 

Outcomes defy expectations in private and public markets

Europe continues to produce more tech IPOs than the US, $1B+ IPOs are becoming the norm, and record-breaking exit activity reached an astonishing $275B in deal value. 

From stumbling blocks to building blocks

European tech is on a strong trajectory, with venture capital
delivering consistently benchmark-beating returns. 

Please submit your details below to join our mailing list and access the full report.


The Venture Equity Project

Year one report


The Venture Equity Project (VEP), a coalition of 10 leading academic institutions and global nonprofits, and supported by the JP Morgan Foundation, aims to permanently improve the barriers that exist in the flow of capital to entrepreneurs of colour.

The program has built a unique data-sharing consortium of organizations in the US and UK from a range of relevant stakeholders, including capital allocators, Black entrepreneurs and community organizers, who all deeply understand the impact of systemic racism in this sector.

This coalition is focused on aggregating data sets to better understand the market opportunity behind investing in diverse fund managers and minority entrepreneurs, as well as identifying points in the ecosystem where intervention is needed and where opportunities exist.

The project brought together 70 participants from the US and UK.

Please submit your details below to join our mailing list and access the full report.


Atomico: State of European Tech 2022

The definitive take on European Tech

December 2022

By June, a total of $55.5 billion had been invested in European tech, placing the first half of 2022 on par with last year’s record levels for the same period. However, this initial boost was driven by spillover from the previous year’s investment activity, and we experienced a significant decrease for the second half of the year compared to 2021.

The IPO market is mostly closed. Globally, there have been just
three IPOs valued at $1 billion or more, two of which were in Europe, compared to last year’s 86. M&A activity, while one of the only remaining routes to exit for founders, has also dropped off. The compression of the public market has trickled down to the private markets, with investment round sizes now shrinking, after inflating in 2021. Series A valuations have fallen 50%, while Series C valuations are down 60% from their highs at the end of 2021.

For founders facing slower revenue growth and diminishing cash reserves, reticent to raise at a lower valuation, this means doing more with less. Layoffs have been one of the most visible, and difficult, indicators of the economic slowdown, as hundreds of firms made the hard decision to reduce headcount to manage cash burn. The pace of layoffs has increased in the second half of the year and more pain is likely to come in 2023.

Please submit your details below to join our mailing list and access the full report.

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