We report updated results for the first 7 yr of our programme to monitor 27 galaxies within 10 Mpc using the Large Binocular Telescope to search for failed supernovae (SNe) – core collapses of massive stars that form black holes without luminous SNe. In the new data, we identify no new compelling candidates and confirm the existing candidate. Given the six successful core-collapse SNe in the sample and one likely failed SN, the implied fraction of core collapses that result in failed SNe is f=0.14^(+0.33)_(−0.10) at 90 per cent confidence. If the current candidate is a failed SN, the fraction of failed SN naturally explains the missing high-mass red supergiants SN progenitors and the black hole mass function. If the current candidate is ultimately rejected, the data imply a 90 per cent confidence upper limit on the failed SN fraction of f < 0.35