- Kanarys — the first Black and female-founded Diverse, Equitable and Inclusive (DEI) technology company that gathers specific insights — announced the closing of a $3 million seed round. These are the details.
Kanarys — the first Black and female-founded Diverse, Equitable and Inclusive (DEI) technology company that gathers specific, actionable insights to help diagnose, prioritize, and optimize DEI efforts in the workplace — announced the closing of a $3 million seed round. Led by Zeal Capital Partners’ Inclusive Investing fund, this funding round also included Revolution’s Rise of the Rest Seed Fund, Morgan Stanley, 100 Black Angels Fund, Segal Ventures, and Jigsaw Ventures.
This funding round comes as more companies embrace transparency, prioritize DEI, strengthen workplace culture, and use data-driven approaches. And this brings the total amount raised by Kanarys co-founders Mandy Price and Star Carter to $4.6 million to date — which is a positive shift towards more equitable venture capital trends.
In 2017, studies showed that 98% of venture capital raised in the U.S. went to men. And black entrepreneurs in general receive less than 1% of venture capital and Black women founders make up only 0.6% of venture capital funding raised. According to data by Crunchbase, Mandy and Star are among just 25 Black women founders who have raised at least $4.6 million in venture capital and two of only 93 Black women who have raised over $1 million in funding.
Kanarys plans to use the funding to further advance product features, make key hires on the technology and business development teams, and accelerate sales and marketing efforts. And the company is currently measuring DEI insights on nearly 1,000 U.S. companies through verified employee reviews, company policies, and organizational data, making it the largest DEI data-driven platform of its kind in the U.S. Since launching the platform in 2019, the company has grown 2,000% in users on its platform, and its customers include Fortune 500 brands.
KEY QUOTES:
“We know that a focus on DEI in business is not just the right thing to do for employees, it also makes good business sense. Kanarys’ DEI data arms companies, for the first time, to make precise, immediate, and informed decisions using real, intersectional metrics around their diversity goals and inclusion programs that ultimately drive bottom-line business objectives. We are encouraged by the commitment of our investors and customers in our shared vision to help every person Work Where They Belong.”
— Mandy Price, CEO and co-founder of Kanarys
“We are proud to back Kanarys because the founders are enacting real change, and their use of advanced technology and data is redefining how corporations measure and analyze the impact of DEI initiatives. There is a sense of urgency among corporations and organizations to do better by their employees and Kanarys is a trusted solution that will lead to improved workplaces and enhanced outcomes.”
— Nasir C. Qadree, founder and managing partner of Zeal Capital Partners
