(Durham, NC) – Dec. 19, 2017 — Total funding raised by the 269 companies headquartered at The American Underground jumped by 47 percent in 2016-2017 (10/1/16-9/30/17) to a total of $39.4 million, according to the startup hub’s annual report issued today.
Meanwhile, the American Underground continued to make strides toward its goal of creating the most diverse and inclusive entrepreneurial ecosystem in the United States:
And companies at the American Underground — a Google for Entrepreneurs Tech Hub — led by women and/or people-of-color did substantially better in raising funds than the national average. CB Insights reports roughly 22 percent of women or person-of-color led companies receive funding; at the American Underground, that figure is 43 percent — nearly double the national average.
Other figures of note from the report include:
About American Underground
The American Underground — one of ten Google for Entrepreneurs tech hubs in North America — launched seven years ago in the basement of an old tobacco warehouse at the American Tobacco Historic District. It now encompasses over 125,000 sq ft of space in four locations in Raleigh and Durham as well as a strategic partnership with open source leader Red Hat to offer an office in Silicon Valley. Innovation partners include Google for Entrepreneurs and Lincoln Financial and founding partners include Coastal Credit Union, Duke University, and Fidelity Labs.
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