"It's unfortunate," the former employee said regarding Colorful Capital's struggles in raising its first fund, highlighting the broader challenges faced by diverse investment organizations in a tough market.
"We’re going to start seeing more stories like this as the market continues to consolidate," indicating that consolidation in venture funding may result in diminished opportunities for emerging or diverse fund managers.
Despite the difficulty, Colorful Capital engaged in research about the investment landscape, writing white papers to address the lack of capital flowing to LGBTQIA+ founders and raising awareness within the community.
Colorful Capital aimed to raise at least $10 million for 13 pre-seed and 12 seed deals, which underscores the ambitious goals that ultimately proved hard to achieve in the current market.
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