It's not about race. It's about class. The "connected" part is what matters, not the "white dude" part.
Your average 99%er white dude does not get funded in Silicon Valley. He gets asked where he "summers" and then walks out confused.
What matters in Silicon Valley is being wealthy and having attended the right school. Being connected matters more than anything.
The only thing that makes it somewhat meritocratic is that real success is undeniable and even unconnected people can find ways to succeed without help.