Top 30 Companies Founded by Black and Latine Entrepreneurs That Raised the Most Funding in 2021

Last year, we launched the 2020 Crunchbase Diversity Spotlight Report to gain insight into the state of funding for Black and Latine founders. The initial report was created to uncover just how wide the funding gap is for Black and Latine founders and the opportunities that lie ahead to close it.

In 2021, we’ve continued to highlight companies with diverse leadership and the investors who fund them by keeping an eye on the data and reporting on funding to underrepresented racial and ethnic groups. To continue measuring progress and raising visibility for companies founded by diverse entrepreneurs, we leveraged Crunchbase’s Diversity Spotlight data to curate this list of the top 30 Black- and Latine-founded companies that raised the most funding in 2021.

The founders included on this list represent a small fraction of the many who are paving the way to provide better access to opportunity for all aspiring entrepreneurs. The full list of 2021 funding rounds for U.S.-based Black- and Latine-founded companies can be found here. Please note the full list does not reflect the order in which we’ve listed the top 30 companies below as it is broken out by individual funding rounds. To create this top 30 list, we’ve combined the 2021 funding rounds to report on each company’s total raised in 2021.

 

Methodology

*This list was compiled leveraging Crunchbase’s Diversity Spotlight data. The companies featured below are listed in order based on the highest total funding raised in 2021. The data in this article is focused on U.S. companies founded by diverse entrepreneurs, namely Black/African American- and Hispanic/Latine-founded companies. 

The data in the article is based on announced funding to companies from Jan. 1, 2021, to Nov. 30, 2021. Funding includes seed, venture, corporate venture and private equity to venture-backed companies with founders associated. All additional funding rounds raised after Nov. 30, 2021, are not included in this article.

If you notice missing data, it may mean that a company does not have founders listed, they have asked not to be included in this list, or the Diversity Spotlight tags may not be updated on the company’s Crunchbase profile. To update this data, check out our quick video walkthrough on how you can add diversity data to your Crunchbase profile. For additional information, visit our Knowledge Center or reach out to spotlight@crunchbase.com.


1. Brex 

Total 2021 funding: $725 million
Founders: Henrique Dubugras and Pedro Franceschi
Diversity Spotlight tags: Hispanic or Latine Founded, Hispanic or Latine Led

Brex, based in San Francisco, makes a corporate credit card product. The company raised $425 million in equity financing in April (led by Tiger Global Management) and $300 million in October (led by Greenoaks), bringing its total funding raised in 2021 to $725 million. Brex was last valued in October at $12.3 billion.


2. Hinge Health 

2021 total funding amount: $700 million
Founders: Daniel Perez and Gabriel Mecklenburg
Diversity Spotlight tag: Hispanic or Latine Founded

San Francisco-based Hinge Health is a provider of digital physical therapy for people who suffer from chronic musculoskeletal conditions. The company closed a $300 million Series D in January and a $400 million Series E in October. It was last valued at $6.2 billion. Hinge Health’s Series E was led by Tiger Global Management and Coatue, with Alkeon and Whale Rock acquiring ownership as part of a $200 million secondary investment.


3. Faire

2021 total funding amount: $660 million
Founders: Marcelo Cortes, Daniele Perito, Jeffrey Kolovson and Max Rhodes
Diversity tag: Hispanic or Latine Founded

Faire is a San Francisco-based online wholesale company that connects brands with retailers. In November, Faire closed a $400 million Series G led by Durable Capital Partners, D1 Capital Partners and Dragoneer Investment Group. The company also raised a $260 million Series F round earlier this year led by Sequoia Capital. As of November, Faire was valued at $12.4 billion


4. Cityblock Health

2021 total funding amount: $592 million
Founders: Bay Gross, Iyah Romm, Mat Balez and Toyin Ajayi
Diversity Spotlight tags: Black or African American Founded, Women Founded

Cityblock Health, a Brooklyn-based health care provider for Medicaid and lower-income Medicare beneficiaries, raised a $192 million Series C (led by Tiger Global Management) and a $400 million Series D (led by SoftBank) in 2021. The company’s 2021 funding drove its valuation to $5.7 billion (as of September)


5. Formstack

2021 total funding amount: $425 million
Founder: Ade Olonoh
Diversity Spotlight tag: Black or African American Founded

Formstack is a workplace productivity platform that helps organizations digitize, automate workflows and fix processes—all without code. The company raised a $425 million private equity funding round in November, led by Silversmith Capital Partners and Providence Strategic Growth.


6. BetterUp

2021 total funding amount: $425 million
Founders: Alexi Robichaux and Eduardo Medina
Diversity Spotlight tag: Hispanic or Latine Founded

BetterUp is a mobile-based coaching, counseling and mentorship platform developed to optimize personal growth and professional development in support of a person’s whole health, at work and in life. The San Francisco-based company raised a $125 million Series D (led by ICONIQ Growth) and a $300 million Series E (led by Wellington Management, Lightspeed Venture Partners, and ICONIQ Growth) in 2021. BetterUp was valued at $5 billion in October.


7. Capchase

2021 total funding amount: $405 million
Founders: Ignacio Moreno, Luis Basagoiti, Miguel Fernandez and Przemek Gotfryd
Diversity Spotlight tags: Hispanic or Latine Founded, Hispanic or Latine Origin Led

Capchase is a New York-based company that provides financial solutions to startups by allowing them access to funds as they grow. The company closed a $125 million Series A (led by QED Investors) in June and went on to close an additional $280 million in July led by i80 Group. According to Crunchbase News, Capchase plans to use the new funds to enhance its lending platform. 


8. BlockFi

2021 total funding amount: $350 million
Founders: Flori Marquez and Zac Prince
Diversity Spotlight tags: Hispanic or Latine Founded, Women Founded

BlockFi is a financial services company that provides zero-fee trading and crypto-based interest accounts. The New Jersey-based company announced its $350 million Series D funding earlier this year, giving the company a $3 billion valuation. The funding round was co-led by Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global.  


9. Calendly

2021 total funding amount: $350 million
Founders: Tope Awotona
Diversity Spotlight tags: Black or African American Founded, Black or African American Led

Atlanta-founded Calendly is a modern scheduling platform that helps individuals, teams and organizations automate meetings. The company closed its $350 million Series B earlier this year in a funding round led by OpenView.


10. Devo

2021 total funding amount: $250 million
Founder: Pedro Castillo
Diversity Spotlight tags: Hispanic or Latine Founded

Devo is a Massachusetts-based cybersecurity company that provides cloud-native logging and security analytics for organizations. The company closed a $250 million Series E in October. Devo’s latest funding round was led by TCV, although a number of additional investors participated, including Kibo Ventures, Insight Partners and Georgian


11. Chipper Cash

2021 total funding amount: $250 million
Founders: Ham Serunjogi and Maijid Moujaled
Diversity Spotlight tag: Black or African American Founded

Chipper Cash is a fintech platform that offers mobile, cross-border money transfer services. The San Francisco-based company closed on a $100 million Series C led by SVB Capital in May and a $150 million Series C extension led by FTX, a cryptocurrency exchange company that develops a mobile trading platform.


12. Form Energy

2021 total funding amount: $240 million
Founders: Marco Ferrara, Mateo Jaramillo, Ted Wiley, William Woodford and Yet-Ming Chiang
Diversity Spotlight tag: Hispanic or Latine Founded

Form Energy develops and commercializes a low-cost battery system with the ability to store wind and solar energy over long periods. The Massachusetts-based company raised a $240 million Series D (led by ArcelorMittal) in August of this year. Form Energy is backed by a number of high-profile investors, including Bill Gates and Jeff Bezos


13. Rocket Lawyer

2021 total funding amount: $223 million
Founder: Charley Moore
Diversity Spotlight tags: Black or African American Founded, Black or African American Led

San Francisco-based legal services provider Rocket Lawyer closed a $223 million venture round in April, marking one of the largest funding rounds ever to a startup founded by a Black entrepreneur, according to Crunchbase News. The funding round was led by Vista Credit Partners


14. Papa

2021 total funding amount: $210 million
Founders: Alfredo Vaamonde, Andrew Parker and Jake Rothstein
Diversity Spotlight tag: Hispanic or Latine Founded

Papa is a Miami-based platform that connects college students to senior citizens for companionship and assistance. The company raised a $60 million Series C in April and a $150 million Series D in October. Papa is valued at $1.4 billion as of October, according to Crunchbase News.


15. Andela

2021 total funding amount: $200 million
Founders: Brice Steven Nkengsa, Christina Sass, Ian Carnevale, Iyinoluwa Aboyeji, Jeremy Johnson and Nadayar Enegesi
Diversity Spotlight tags: Black or African American Founded, Women Founded

New York-based Andela is a global talent network that connects companies with engineering talent in emerging markets. The company closed a $200 million Series E in September, giving the company a $1.5 billion valuation. The funding round was led by SoftBank Vision Fund.


16. Outreach

2021 total funding amount: $200 million
Founders: Andrew Kinzer, Gordon Hempton, Manny Medina and Wes Hather
Diversity Spotlight tags: Hispanic or Latine Founded, Hispanic or Latine Origin Led

Outreach, a customer sales engagement platform that uses AI for predictive analytics, raised a $200 million Series G in June led by Steadfast Financial and PremjiInvest. The Seattle-based company’s Series G round brought its valuation to $4.4 billion. 


17. Flutterwave

2021 total funding amount: $170 million
Founders: Iyinoluwa Aboyeji and Olugbenga Agboola
Diversity Spotlight tags: Black or African American Founded, Black or African American Led

San Francisco-based Flutterwave, a payment API for service providers, raised a $170 million Series C led by Tiger Global Management and Avenir Growth Capital. The company is focused on building payments infrastructure in Africa, and received its first round of seed funding from 4DX Ventures, a New York-based VC firm focused on Africa. The company is reportedly in talks about raising additional funding at a valuation of $3 billion or more, tripling its current $1 billion valuation.


18. CloudTrucks

2021 total funding amount: $115 million
Founders: George Ezenna, Jin Shieh and Tobenna Arodiogbu
Diversity Spotlight tag: Black or African American Founded

CloudTrucks offers a virtual trucking carrier application designed to reduce operating costs for truck drivers. The San Francisco-based company raised a $115 million Series B led by Tiger Global with participation from Menlo Ventures at an $850 million valuation, according to Crunchbase News


19. SmartAsset

2021 total funding amount: $110 million
Founders: Michael Carvin and Philip Camilleri
Diversity Spotlight tags: Black or African American Founded, Black or African American Led

New York-based SmartAsset is an online destination for consumer-focused financial information and advice. Ranked on the Inc. 5000 list of the fastest-growing private companies in 2021, SmartAsset recently closed a $110 million Series D round led by TTV Capital, valuing the company at over $1 billion


20. UserZoom

2021 total funding amount: $100 million
Founders: Alfonso de la Nuez, Xavier Mestres and Javier Darriba
Diversity Spotlight tag: Hispanic or Latine Founded

Based in San Jose, UserZoom is an Experience Insights Management (XIM) solution for digital teams and businesses. The company raised a $100 million private equity round earlier this year led by Owl Rock, an investment firm that aims to meet the financing needs of middle-market companies. The company had a post-money valuation of $400 million as of April.


21. Goldbelly

2021 total funding amount: $100 million
Founders: Joe Ariel, Joel Gillman, Trevor Stow and Vanessa Torrivilla
Diversity Spotlight tags: Hispanic or Latine Founded, Women Led

Goldbelly is a New York-based online marketplace that connects local food providers to eaters with tools for ordering and doorstep delivery. The company recently raised a $100 million Series C led by Spectrum Equity, a private equity firm that provides capital and strategic support to internet, software and information services companies. Goldbelly had a post-money valuation of $400 million as of May.


22. Eight Sleep

2021 total funding amount: $86 million
Founders: Alexandra Zatarain, Andrea Ballarini, Massimo Andreasi Bassi and Matteo Franceschetti
Diversity Spotlight tags: Hispanic or Latine Founded, Women Led

Eight Sleep develops sleep fitness products that feature hydro-powered cooling technology and a health tracker. The New York-based company closed an $86 million Series C earlier this year led by Valor Equity Partners. Backed by leading Silicon Valley investors including Khosla Ventures and Y Combinator, it was named by Fast Company in 2018 as one of the “Most Innovative Companies in Consumer Electronics.” As of August, the company had a post-money valuation of $450 million.


23. Gro Intelligence

2021 total funding amount: $85 million
Founders: Nemo Semret, Sara Menker and Sewit Ahderom
Diversity Spotlight tags: Black or African American Founded, Black or African American Led, Women Founded, Women Led

New York-based agtech company Gro Intelligence is an AI-powered platform that seeks to tackle critical challenges—from forecasting and assuring supply chains to climate change and food security. The company raised an $85 million Series B earlier this year led by Intel Capital and Africa Internet Holding


24. Universal Hydrogen

2021 total funding amount: $82.5 million
Founders: John-Paul Clarke, Jon Gordon, Paul Eremenko and Jason Chua
Diversity Spotlight tags: Black or African American Founded, East Asian Led

Universal Hydrogen is a Venice, California-based company dedicated to making hydrogen aviation a near-term reality. In 2021, the carbon-free aviation fuel solution company closed on a $20.5 million Series A led by Playground Global. The company also raised a $62 million Series B with participation from multiple venture capital firms, including  Mitsubishi HC Capital, Toyota Ventures, Time Ventures and Waltzing Matilda Aviation.


25. Aura Biosciences

2021 total funding amount: $80 million
Founder: Elisabet de los Pinos
Diversity Spotlight tags: Hispanic or Latine Founded, Hispanic or Latine Origin Led, Women Founded, Women Led

Cambridge-based Aura Biosciences is a biotechnology company that is applying nanotechnology to help fight cancer. The company closed on $80 million in oversubscribed financing earlier this year led by Matrix Capital Management and Surveyor Capital. Aura Biosciences went public in October and raised an undisclosed round in November led by Ysios Capital.


26. Pipefy

2021 total funding amount: $75 million
Founders: Alessio Alionco, Leandro Johann and Magnus Arantes
Diversity Spotlight tags: Hispanic or Latine Founded, Hispanic or Latine Origin Led

Pipefy is a San Francisco-based no-code process orchestration platform designed to easily automate workflows and manage business processes. The company closed on its $75 million Series C earlier this year. The funding round was led by SOFTBANK Latin America Ventures. The company declined to reveal at what valuation the money was raised, according to TechCrunch


27. Titan

2021 total funding amount: $70.5 million
Founders: Clayton Gardner, Joe Percoco and Max Bernardy
Diversity Spotlight tags: Black or African American Founded, Hispanic or Latine Founded

New York-based Titan is an operating system for active investment management, powering investment products and experiences for retail investors. The company closed on a $12.5 million Series A in February and a $58 million Series B in July. The Series B round was led by Andreessen Horowitz and a number of celebrity investors participated, including Will Smith, Odell Beckham Jr., Jared Leto and Kevin Durant. The company is now valued at $450 million.


28. Pager

2021 total funding amount: $69.2 million
Founders: Gaspard de Dreuzy, Oscar Salazar and Philip Eytan
Diversity Spotlight tag: Hispanic or Latine Founded

Pager is a virtual care technology platform that provides communication, collaboration, navigation and care coordination solutions. The New York-based company raised a $70 million Series C in September led by Susquehanna International Group (SIG). In March, prior to its latest funding round, the company had a post-money valuation of $150 million


29. Fuzzy

2021 total funding amount: $62 million
Founders: Eric Palm and Zubin Bhettay
Diversity tags: Black or African American Founded, Black or African American Led

San Francisco-based Fuzzy is a subscription-based pet healthcare startup making pet care accessible and affordable. The company closed a $18 million Series B in March and a $44 million venture round in November led by Icon Ventures.


30. Somatus

2021 total funding amount: $60.1 million
Founders: Anthony Welters and Ikenna Okezie
Diversity Spotlight tag: Black or African American Founded, Black or African American Led

Somatus is a Virginia-based healthcare company that partners with health plans, health systems, and primary care groups for patients with kidney disease. The company raised a $60.1 million Series D in June.


How you can contribute to Diversity Spotlight

We have a long way to go to close the funding gap for diverse founders. To continue building Crunchbase’s Diversity Spotlight feature and its impact, we encourage U.S. investors and startup leaders to get verified and add their diversity data to Crunchbase.

Here’s a quick walkthrough demonstrating how you can add diversity data to your Crunchbase profile, and how to search for companies using Diversity Spotlight:

 
 

In addition, we encourage you to continue tracking and reporting on progress with us. We’ve created several Crunchbase lists that are enriched with insights on companies and investment firms with diverse founders:

If you have an idea about how to improve Diversity Spotlight, please let us know by sending an email to spotlight@crunchbase.com. We take this feedback seriously and each suggestion for improvement helps inform our plans as we continue developing this feature.

  • Originally published December 8, 2021, updated September 12, 2022