The Brazilian startup ecosystem has never been hotter. The country has so far produced a total of 16 technology companies worth over $1 billion and international funds are rushing in.

Venture capital investments received by Brazilian startups in the first four months of 2021 is equivalent to almost 70% of the total VC investment in Brazil for the whole of 2020, according to a study by open innovation hub Distrito, published last week. The report noted that $2.3 billion has been invested in Brazilian companies between January and April, an increase of 187% in relation to the same period in 2020.

However, a set of practices currently in place prevent black entrepreneurs from fully participating in this burgeoning ecosystem. This is the conclusion of an unprecedented study, produced by São Paulo-based innovation hub and accelerator BlackRocks in partnership with global consulting firm Bain & Company.