Through my work, I introduce the concept of equitable capital allocation to improve access to financial resources for ventures founded by historically underserved and disadvantaged communities. My research focuses on a crucial but under-examined aspect of the relationship between technology and opportunity for historically marginalized and impoverished communities, namely how the social, organizational, and behavior processes of venture funders shape the kinds of innovation that eventually become mainstream. To address the broader issues of disparate venture funding outcomes for entrepreneurship in historically marginalized communities, I utilize a mixed methodological approach and propose a multi-step process toward designing socio-technical interventions for equitable capital allocation. Access to capital is vital to combat socioeconomic inequalities, but existing capital allocation systems may exacerbate the unequal funding distribution. In this dissertation, I present three studies investigating current venture funding practices to motivate the need for more equitable practices. The first is a qualitative study with venture capitalists and limited partners, which maps out the VC landscape, extracting themes and areas of tension concerning sources of disparities in VC. The second is an empirical analysis of archival Kickstarter data to examine the impact of an outward display of racial justice solidarity (Black Lives Matter) in response to a racially charged event on the crowdfunding outcomes experienced by Black entrepreneurs. Lastly, in an experimental study, I consider how founder market fit, which is the level of congruence between the demographics of the founder and the intended market of a product or service, impacts crowdfunding performance. In this study, I focus on the perspective of the Black female entrepreneur. I conclude by outlining next steps in designing interventions for equitable capital allocation.