Google for Startups Black Founders Fund is back for 2021.
The $5 million fund, announced today, will give $100,000 in non-dilutive funds to 50 Black startup founders across the country.
But Atlanta’s influence is all over this national program. Google for Startups US, headed by Jewel Burks Solomon, is run from Atlanta, and nonprofit Goodie Nation provided business mentorship and community support to fund recipients.
Goodie Nation was tapped by Google as part of its series of racial equity commitments the company made last year.
“I’ve always felt that if we could fill the relationship and financial gaps that exist for entrepreneurs of color, we could not only bring about great businesses but also catalyze job creation and wealth generation for entire communities,” Goodie Nation’s CEO Joey Womack wrote in a blog post regarding the second fund.
Black Founders Fund By The Numbers
Black Founders Fund is on a mission to close the funding gap found with Black founders and entrepreneurs. Recent Crunchbase data suggests that Black startup founders received just 1% of the total venture capital raised in 2020.
Google for Startups inaugural $5 million Black Founders Fund, launched in late 2020, brought $2.35 million to 35 founders in the Metro Atlanta area. (Check out the list of Atlanta recipients here).
Of the 76 recipients across the country, 85% used the award to hire new employees, according to data released by Google for Startups.
74% reported receiving support from a Googler or a Google team over the last six months.
On top of the funding, recipients will receive up to $120,000 in Google Ads credits and as much as $100,000 in Google Cloud credits.
Recipients of the funds will be announced later this fall and will be selected by Google for Startups, partner programs, and nominations from past fund recipients
We can’t wait to see the great founders supported through this new fund!