Google is back with more funds and resources to help Black founders thrive and survive, reports Afro Tech. Originally created to help alleviate financial and societal pressures Black founders face, the Google for Startups Black Founders Fund is continuing to help Black business owners along their journey. Last year, 76 Black-led startups received up to $100,000 in funding and didn’t have to give up any ownership to their company in the process.
Now with a second $5 million investment placed into the U.S. Black Founders Fund, the total amount of capital available for distribution has been raised to $10 million. This year’s recipients will receive support from tools and teams across Google, about $120,000 in donated search Ads from Google.org, and up to $100,000 in Google Cloud credits.
There were 50 recipients revealed to be a part of the second Black Founders Fund in the U.S. This year and last year combined bring that list to a total of 126 founders who are now a part of the fund.
Last year’s group of founders went on to raise over $50 million in funding as a unit following the inaugural Black Founders Fund in the U.S.
“Our focus is to help underrepresented founders grow their businesses and succeed in a space where the odds are often stacked against them,” said Jewel Burks Solomon, Head of Google for Startups, U.S. “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.”