A new study says the venture-capital industry initially followed through on 2020 pledges to address systemic racism, but that Black-founded startups are now actually less likely to attract funding than they were before the killing of George Floyd, a Black resident of Minneapolis, at the hands of a white police officer in that city five years ago.

Nascent Black-led companies have long received a tiny fraction of venture capital . But in the quarters immediately following Floyd’s death and the nationwide protest it sparked, Black-founded startups were significantly more likely to raise funding than those that didn’t have Black founders, according to “Minimum Viable Signal: Venture Funding, Social Movements, and Race.”

The article, published this month in the journal Management Science,

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