There are plenty of stories on the internet of this happening to white CEOs as well. The skills to go from start-up to series A are very different from series B to IPO.
Now that's not to say race wasn't an issue in this particular case. I don't know.
>>refurb+(OP)
The great thing about modern racism is that no one can ever prove race was an issue in any particular case unless you confess it. As long as you don't express racist sentiments out loud, you'll always have some form of plausible deniability.