Harlem Capital’s Diverse Unicorn Report (2023)

This report tracks the 38 US based Black and Latino founded Unicorn startups (2023)…

All companies on the list reached at least a $1B valuation at the time they were deemed Unicorn. The analysis was conducted utilizing Pitchbook & Crunchbase deal history data…

Key Findings (according to Harlem Capital)

1) The 38 companies raised $20.1B of capital with a median raise of $343.1M

2) Median years from Seed to Unicorn for the 38 companies is 4.2 years

3) Software, Healthcare, Fintech, E -commerce represent 61% of companies and 60% of raised capital

4) California and New York represent 58% of companies and 63% of capital raised

5) Massachusetts outperforms California and New York on a median basis of capital raised by 54% and 25%, respectively

6) 25% of capital was raised at Series D, and 32% of companies reached Unicorn at Series D

7) 58% of Black and Latino founders were born outside of the US