I am not convinced about the argument the authors try to make about Silicon Valley, and VCs'. I also see cherry-picking of data to make the point ("...0.4% of people who received venture capital were Black..."), okay so how many Black people applied? How many other races? How many white? Etc. We cannot form the full picture since other critical variables have been ommitted without providing cross-references to the study. That reduces credibility of the article.
As for where should a VC invest, I think it is his/her decision alone, and nobody else has any say that. Including the article's author.