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New Index Reveals The First 200 US-Based Black Women Founders To Raise $1M In VC Funding – AfroTech

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A new index has been released that lists the first 200 Black women founders to break barriers by raising $1 million in venture capital funding in the U.S.

The First 200 is a newly launched media platform that is home to The First 200 Index. It was created by Amira Rasool, founder and CEO of The Folklore. This software company provides cross-border commerce, drop shipment, and shipping technology to small brands worldwide, according to her LinkedIn profile.

Rasool has raised $6.2 million in funding from venture capitalists and angel investors, according to her website. Rather than dwelling on the challenges of being a founder, reaching that fundraising milestone inspired her to launch The First 200, she mentioned in a LinkedIn post.

“A few months ago, I challenged myself to spend less time focusing on the losses that come with entrepreneurship and more time celebrating the wins. As founders, we’re constantly chasing the next milestone, solving the next problem, and recovering from the next setback. It’s easy to forget how much progress has already been made,” Rasool said in the post. “That mindset shift is what led me to create The First 200. What started as an effort to document and celebrate a historic achievement became something much bigger: a first-of-its-kind archive of the Black women founders who broke through one of venture capital’s most significant funding barriers.”

The 200 Black women founders on the index have collectively raised $4 billion in venture capital funding, per her post.

Etosha Cave has secured first place on the list, having raised $929 million, according to Inc. She is the co-founder of Twelve, a carbon transformation company. Its mission is “to make fuels anywhere in the world from Air,” according to her LinkedIn profile.

Toyin Ajayi is listed at No. 2 after raising $891 million for Cityblock Health. As AFROTECH™ previously noted, Cityblock Health is a tech-enabled primary care startup that provides personalized care to underserved communities. Its efforts are made possible through partnerships with provider organizations, health plans, community social services agencies, and community members.

Rihanna, the first Black woman founder with two billion-dollar brands (Fenty Beauty and Savage X Fenty), as AFROTECH™ previously reported, is listed at No. 3 with $310 million raised.

“Rihanna is one of the most recognizable founders on The First 200 Index,” Rasool told Inc. “Her journey from global entertainer to founder of a venture-backed company reflects the ambition, vision, and resilience shared by the women on this list.”

Also listed is Denise Woodard, with a total of $25 million raised. Her journey as a founder was inspired by her daughter, who had food allergies. Not satisfied with the options in the market, she launched the vegan company, Partake Foods, in 2016. She made history as the first Black woman to raise $1 million publicly for a consumer public foods startup, per AFROTECH™.

Other founders listed include: