Startup and Funding

Black Founders Fund

1 Mins read

About the initiative

If we want technology to work for everyone, it needs to be built by everyone. Black founders in Africa disproportionately lack access to the networks and capital needed to grow their businesses. In 2020, with less than 0.5% of global venture capital (VC) funding going to Black-led startups, Google announced the Black Founders Fund and has since deployed $20M in funding to founders across the US, Europe, Africa, and Brazil. The latest $4M Black Founders Fund in Africa provides 60 founders with up to $100K in capital, up to an additional $200K in Google Cloud Credits, and access to the best of Google—people, products, and practices.

Initiative benefits

  • The best of Google

    We connect founders with the very best of Google’s people, products, and practices.

  • Access to capital

    Up to $100K in equity-free cash will be awarded to each startup.

  • Global community

    At its core, the Black Founders Fund is a global initiative. Selected founders have the opportunity to connect with founders from all over the world.

    Initiative impact

    In 2021, the Google for Startups Black Founders Fund invested $3M into 50 Black-led startups in Africa. In 2022, we are taking our support a notch higher by investing $4M into 60 Black-led startups. Since 2021, our startups have gone on to raise $87M in follow-on funding and have hired 500+ more staff.

    The program helped us reflect and focus on the core value we want to create for our customers and how we want to scale. The peer learning was also incredibly helpful because you realize you’re not alone in this startup journey. 

    HILDA MORAA

    CEO OF PEZESHA

     

 

 

Source: Campus.co

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