Black-led startups secure record-breaking $400,000 at DMZ’s Black Innovation Summit

Black-led startups got more funding from the fifth annual DMZ Black Innovation Summit than ever before.

Ten Black-led startups competed in a pitch competition for funding from DMZ Ventures, Tribe Network, and Capital M Ventures. DMZ, the startup incubator housed in Toronto Metropolitan University, said the pot was initially $300,000 but ended up being $400,000 by the end of the night.

“Backing Black founders isn’t just the right thing to do, it’s one of the smartest bets you can make.”

That is the most funding Black Innovation Summit has awarded in its history, and by a significant amount. Over the past three years , pitch competition winners have typically split $60,000 or less. A DMZ spokesperson told BetaKit the jump comes from awarding both investments and grants at the summit for t