Google has launched its latest round of funds for Black and brown founders.
On Feb. 28, the search engine giant announced it has opened applications for its Black Founders Funds in Africa, Brazil, Europe, and the U.S., according to a blog post. What’s more, there is another round for its Latino Founders Fund in the U.S.
“We can’t wait to welcome a new group of Black and Latino founders who are using technology to solve some of society’s biggest problems,” the blog post wrote. “If you or someone you know would be a great fit for the Google for Startups Founders Funds, encourage them to apply now.”
Since launching in 2020, the fund has been a success under its mission of looking to support Black and Latino tech entrepreneurs who lack access to capital.
The blog post details that Google for Startups has provided over $34 million in cash awards to 448 Black and Latino founders. The investment recipients have also gone on to raise over $400 million.
As previously reported by AfroTech, for the inaugural round, 76 Black-led startups received up to $100,000 in funding and didn’t have to give up any ownership of their company in the process.
In 2021, the U.S. Black Founders Fund received a second $5 million investment for the total capital to be distributed.
“Our focus is to help underrepresented founders grow their businesses and succeed in a space where the odds are often stacked against them,” Jewel Burks Solomon, Head of Google for Startups, U.S., said at the time in an interview with AfroTech. “There is a huge gap in funding for Black founders as they are consistently overlooked, which often means they are locked out of access to the capital that is critical to their success – something I experienced first hand. Black startup founders are less likely to receive venture capital, are at higher risk of stress, and stalled professional development. It’s imperative that we support these amazing Black startup founders who are building great companies.”