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Despite their many differences and approaches, one perspective many athletes share is that to change the game; you have to be in it. As we’ve seen repeatedly, a positive shift in any game does not always come from one person. It takes a combination of skill and investment to move from just getting by to finding success. And while Google doesn’t navigate on courts or fields, the organization is intentionally positioning itself as a game-changing catalyst for Black entrepreneurs. In 2020, the tech giant made a series of commitments to help ease access to funding for Black founders and funders. The Google for Startups Black Founders Fund has since expanded globally, and AfroTech had the opportunity to have an in-depth conversation with Jewel Burks Solomon, Head of Google for Startups U.S., and Jeremiah Gordon, General Counsel and Chief Compliance Officer for CapitalG, about the future of the Black Founders Fund and its intended impact.
It’s no secret that the startup world needs more Black investors and venture capitalists. Inc. Magazine reports Black founders are raising “record amounts of venture capital” in 2021, even though they only rang in 1.2 percent of all venture capital in the first half of the year. Last year, Black founders received only 0.6 percent of venture capital (VC) deployed. That’s unacceptable, and Black investors are stepping up to the plate to change that. Some notable Black venture capitalists making major moves in the VC world include Jarrid Tingle, co-founder and managing partner of Harlem Capital; Marlon Nichols, managing general partner at MaC Venture Capital; and Austin Clements, partner at Slauson & Co. The trio will hit the virtual stage at AfroTech 2021 during the “Black VCs: Raising Millions with a Mission” panel to discuss how they are working to raise millions of dollars to diversify venture capital investments. Ultimately, Nichols, Clements and Tingle want to put more dollars in...
One mission Google has is to invest in initiatives that aid digital transformation, and their latest funding will go toward the continent of Africa. During its very first “Google for Africa” on Oct. 6, CEO Sundar Pichai announced that the company will invest $1 billion over the next five years in tech-led initiatives in Africa, according to TechCrunch. “We’ve made huge strides together over the past decade — but there’s more work to do to make the internet accessible, affordable and useful for every African,” Pichai said during the virtual event. “Today I’m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups.” The $1 billion investment will go toward “landing a subsea cable into the continent to enable faster internet speeds, low-interest loans for small businesses, equity investments into African...
One of the biggest ways to contribute to the success of Black startups in America is to level the playing field. Jewel Burks Solomon and Joey Womack are on a mission to do just that as they work to elevate Black startup founders and eliminate the relationship gap hindering the success of those without direct access to coastal financial centers. While it’s no easy feat, Solomon says that the war wounds and bruises along the way have inspired her to keep going. “The bruises were motivation, I didn’t want other people to have the same knocks that I had in my journey. So, it was pretty clear to me what I needed to do next,” she shared with Black Tech Green Money’s Will Lucas. “I saw that there were big problems, problems that I experienced when I was growing and building my own company that I needed to go and solve. Being the entrepreneur that I am, I needed to go and attack those problems. I saw taking on the role as head of Google for Startups as a great platform and a great way to...
Africa’s fintech space has garnered more attention in recent years as more and more companies emerge on the continent to redefine proper banking solutions for consumers. Appzone — a fintech software provider that digitizes banks and financial services — was founded by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi back in 2008 as a means to offer commercial banks custom software development services through homegrown financial technology versus tech of foreign origins, according to TechCrunch. Today, the Nigerian-based startup has announced the raise of a $10 million Series A investment round to build upon the success the platform has already seen and position itself as innovators of fintech in Africa. TechCabal reports the funding round was led by Lagos-based investment banking firm CardinalStone, with participation from other firms such as V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures. According to the outlet, Appzone plans to use the new...