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A new study released this week from PledgeLA — a coalition of hundreds of venture capital (VC) and tech leaders in Los Angeles working to raise equity, neighborhood engagement, and accountability about corporate diversity efforts — shows Los Angeles VCs outpacing national funding for girls and persons of colour-led organizations.
With participation from 174 organizations and based on each public and self-reported information, survey outcomes revealed that investments from L.A.-based VCs for Black, Latinx, and girls founders outpace the national typical. The investments made by PledgeLA VCs in Black founders improved by 71% given that last year. Far more gains are necessary, even so, when it comes to funding for girls and Latinx-owned organizations. Given that one out of every single 10 VC dollars flows by way of Los Angeles — a 39 % raise from 2019 — these trends have national implications.
The survey showed that girls and persons of colour nonetheless face persistent spend gaps, however. While girls in L.A. tech organizations have higher representation from entry level to senior management positions than Silicon Valley, girls earn drastically significantly less than guys (a gap bigger than the national typical). Additionally, Black and Latinx workers earn far significantly less than their peers.
And surprisingly, the survey also revealed that the quantity of Gen X tech workers saw a important reduce in 2021. While the majority of employees demographics remained unchanged amongst the 2020 and 2021 surveys, outcomes did see a important shift in the age of PledgeLA companies’ workforce. Just 22% of workers reported belonging to Generation X or older this year, a decline from 37% last year. This indicates the vast majority of the L.A. tech workforce was born amongst 1980 and 1990, a spike in the quantity of millennials, and a decline in possibilities for older adults. This raises essential concerns about possible ageism and the representation of diverse age groups in the tech workforce.
PledgeLA is a coalition of hundreds of venture capital (VC) and tech leaders in Los Angeles working to raise equity, neighborhood engagement, and accountability about corporate diversity efforts.
Read the complete report from PledgeLA.