Good morning, Broadsheet readers! Citigroup CEO Jane Fraser considers a move that would increase her power, Sam's Club competes with Costco's famous hot dogs, and seed funding for diverse founders overwhelmingly goes to white women. Have a terrific Tuesday.
- Seed stage. In her two years working as head of platform for BBG Ventures, an early-stage venture fund that invests in diverse founders, and working for startups before that, Amber Quiñones long suspected something: that much of the funding the venture industry puts behind diverse founders goes to white women.
Over the past several months, Quiñones dug into the data to explore her hypothesis. And the results didn't surprise her, although they might surprise others in the industry. White women have received 79% of seed-stage funding categorized as deployed to diverse founders, according to an analysis of Crunchbase data. Quiñones and BBG Ventures shared the report, part of a broader analysis of the state of seed-stage venture funding, with Fortune exclusively.
