KEY INSIGHTS:
- Google has officially opened applications for its Black Founders Funds in the U.S., Brazil, Africa and Europe, and for the Latino Founders Fund in the U.S.
- So far, Google has invested $34.5 million into nearly 450 startups.
- This year the tech giant aims to make the process more accessible by opening applications to the public.
On Tuesday morning, Google officially opened applications for its Black Founders Funds in the U.S., Brazil, Africa and Europe, and for the Latino Founders Fund in the U.S. For the first time since the funds were launched, Google is opening the applications to the public, a change from its previous process in which businesses were chosen solely through referrals. This year the tech giant aims to make the process more accessible.
The Google for Startups Black Founders Fund was first announced in June 2020 as part of Google’s $175 million racial equality commitments. So far, Google has invested $34.5 million into the nearly 450 startups that are part of its Founders Funds and the tech giant says the companies have gone on to raise more than $400 million after Google’s investment.
“Beyond the capital, recipients join a tight-knit community and get deep mentorship and training from Googlers,” Lisa Gevelber, Vice President of Google for Startups, said in a statement.
This year’s applications are open to any startup:
- Based in the U.S.
- Has raised less than $5 million at the time of applying
- Has a full-time founder/co-founder who identifies as Black or Hispanic/Latino
- Demonstrates traction (sales, monthly active users, beta sign-ups, revenue)
The startups that have already participated in the program have received access to up to six figures in equity-free funding, Google Cloud resources, mentoring and other support through the Founders Funds.
