Google for Start-Ups announces applications are now open for $2million (approximately £1.5million) Black Founders Fund for Black-led tech start-ups across Europe.
With less than 0.25 per cent of venture capital funding going to Black-led start-ups in the UK, and only 38 Black founders receiving venture capital funding in the last 10 years, Black founders are disproportionately lacking access to the networks and capital needed to grow their businesses.
The Google for Start-Ups Black Founders Fund will provide up to $100,000 in non-dilutive cash awards to selected European start-ups in the Google for Start-Ups network paired with up to $220,000 per start-up in Google Ad Grants and Cloud credits.
To be eligible for application, all start-ups need to have one or more founders that self-identify as Black and the start-up must already have a product in the market.
As we begin to emerge from one of the most globally challenging years in recent history, the start-up ecosystem has a defining opportunity to create the blueprint for future business investments and position itself at the forefront of leading equal opportunities for the industry.
Investing in Rising Talents
Rachael Palmer, Head of VC and Start-up Partnerships said: “We’ve seen incredible talent apply to the US Black Founders Fund and the European Black Founders Immersion mentoring programme held last year, which makes us so excited to get to know and work with even more high calibre, Black-led start-ups from across Europe.
Our hope is that this will be part of a wider commitment to change from the entire start-up ecosystem. In the future we want to see more successful Black founders, more Black angel investors, and more Black General Partners at the most successful VC firms. There’s a lot of work to be done, but I am extremely pleased that Google is committed for the long term.”
The fund was secured in the wake of the 2020 Black Lives Matter movement. First launched in the US and now coming to Europe, the fund is part of a $175m long-term commitment toward economic opportunity for Black business owners.
Marta Krupinska, Head of Google for Start-Ups UK said: “We are in a position where we can help build a more equitable future. One where entrepreneurs are judged solely by the quality of their businesses and all communities benefit from the long-term job creation and generational wealth that they bring.
I would encourage any eligible Black-led tech start-up that is curious about how Google for Start-Ups can help them to apply for the Black Founders Fund.”
Applications for the Black Founders Fund are now open and close on 21 March 2021.