25/09/2021
The Black Report research conducted by 10X10 and Google, showed that in a case study of start-ups in the UK 88% of the founders self-funded part of their ventures. On average, founders self-funded £13,930 which suggests that a mix of other financing alternatives still comprise the bulk. What’s also interesting is that self-finance among these black founders was not synonymous with ‘family and friends round.’ Only 22% of Black founders relied on friends and family for early financial support - precisely 25% of the amount who self-funded their venture.
At unLevel we understand that it saves founders having to pitch for external investors, where a lot of time is consumed and rejection is faced. The unLevel platform looks to make funding a much simpler process.
Source: Black Report conducted by 10X10