Google for Startups announces new cohort of 40 Black-led tech startups selected for $4 million Black Founders Fund —
Summary
The announcement follows a series of launch events across Europe, in London, Paris and Berlin, including a gathering hosted by the Mayor of London, Sadiq Khan, at City Hall for a group of London-based founders as part of the capitals London Tech Week celebrations.The Black Founders Fund was first launched last year with a $2m (\xa31.5m) fund to help tackle stark racial inequality in venture capital funding - this years fund has doubled to $4m (\xa33m).Prior to the funds launch in 2021, less than 0.25% of venture capital (VC) funding went to Black-led startups in the UK.The British tech startups make up two thirds (26) of the 40 companies selected across Europe and are set to transform a wide range of sectors including beauty, fashion, fintech, education, construction and food/beverage.Some of the 26 UK-based startups selected include: None Zak Nason-Giwa, Goodloans - a London-based fintech company, breaking down the barriers to lending In emerging markets with its SaaS-AI digital lending platform. None Asha Haji, Framework - the worlds first on-demand business school designed for startups.Each successful startup will be given $100,000 in non-dilutive cash awards, up to $200,000 in cloud credits and ad support, 1:1 mentoring by industry experts and invaluable connections within Googles network.The success of last years cohort shows the impact that direct and targeted support can have in helping to tackle inequality, by supporting Black founders who are disproportionately locked out of access to capital. Sojo is focused on building the technology to make clothing alterations and repairs mainstream - to receive not only financial support, but mentoring and invaluable networking opportunities from Google will help us to invest in our tech and allow the business to grow. It is great to see Google addressing the funding gap and providing real tangible support for those who are underrepresented in the startup community.Marta Krupinska, Head of Google for Startups UK: For the second year in a row weve been able to debunk the myth of the pipeline problem. Our city is a leading hub for innovation and startups, and our tech sector has an important role to play in creating jobs and investment for the capitals economy as we build a better London for everyone.The Black Founders Fund is just one of the ways that Google is working to help support historically underrepresented groups.