Google Black And Latino Founders Funds Open For Applications
Google for Startups is accepting applications for its Black Founders Funds in the US, Europe, Africa, and Brazil, and its Latino Founders Fund in the US.
This year also marks the first time Google for Startups has opened the US funds to the public. In previous years, Google reportedly selected US businesses solely through referrals.
Less than 0.5% of funding goes to Black-led startups, even though 77% of them are revenue-generating and create an average of 5.4 jobs each.
First announced in June 2020, the Black Founders Fund was launched as part of Google’s $175 million commitment towards racial equity. The fund aims to support Black and Latino founders using technology to solve some of society’s biggest problems.
Google has since expanded the Black Founders Fund to Brazil, Europe, and Africa and, last year announced its first-ever Latino Founders Fund in the US.
Since the initial 2020 fund, Google has provided over $34 million in cash awards to over 400 Black and Latino founders, who have gone on to raise over $400 million.
“Being a part of this community is something I’m incredibly grateful for,” Dami Hastrup, founder and CEO of virtual reality training platform MOONHUB, wrote in a LinkedIn post. “I can’t recommend this enough.”
“The connections, access to partners and resources have been a great catalyst for us. We also pledged a portion of the funds we received to hiring local interns from under-represented backgrounds and worked with the local council to do so. Some of them are now full-time team members. It truly has been a transformative experience.”
Google for Startups Black and Latino Founders Funds are accepting applications now.