What is Google’s Black Founders Fund:
As part of a series of racial equity commitments made in June, Google announced the Google for Startups Black Founders Fund, a $5 million initiative to provide cash awards up to $100,000 to Black led startups in the US. These awards are non-dilutive, meaning that unlike most investments, founders are not giving up any ownership in their company in exchange for funding.
Yesterday, including Mar Dat and Love Hudson-Maggio, they announced the 76 inspiring founders who have been selected to receive awards from the Black Founders Fund. We’d like to personally congratulate the other recipients as well!
What Happens When You Fund Black Founders:
- Bring different perspectives to old and new challenges.
- Level the playing field and build momentum for success.
- Fuel wealth generation and create equal access to economic opportunity.
According to Google’s recent press release “In the U.S., less than one percent of venture capital goes to Black founders… We know that hands-on support and connections are necessary elements to any founder’s success. With these funds, we are also committing to growing a relationship that brings these founders the best of Google.”