Google launch $2m European fund for black founded startups

Google for Startups is now accepting applications for its $2 million Black Founders Fund from black-led tech startups across Europe.

The search giant highlighted statistics which said that less than 0.25 per cent of venture capital (VC) funding goes to black-led startups in the UK, and that only 38 black founders have received venture capital funding in the last 10 years.

The fund will provide up to $100,000 in non-dilutive cash awards to selected European startups in the Google for Startups network.

This award will also include up to $220,000 per startup in Google Ad Grants and Cloud credits.
To be eligible, all startups need to have one or more founders that identify as black and the startup must already have a product in the market.

The fund, first launched in the US, was created in the aftermath of the 2020 Black Lives Matter movement and is part of a $175 million long-term commitment by Google to ensure economic opportunity for black business owners.

“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 startups from across Europe,” said Rachael Palmer, head of VC and startup partnerships. “Our hope is that this will be part of a wider commitment to change from the entire startup 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.”

She added: “There’s a lot of work to be done, but I am extremely pleased that Google is committed for the long term.”

Marta Krupinska, head of Google for Startups 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.”

She added: “I would encourage any eligible Black-led tech startup that is curious about how Google for Startups can help them to apply for the Black Founders Fund.”

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