Back in October, we wrote about Google for Startups after it awarded up to $100,000 to 76 black founders from its $5M Google for Startups Black Founders Fund. Unlike the traditional venture capital funding, the founders received non-dilutive cash awards and not giving up any ownership in their company in exchange for funding.
Today, Google for Startups announces the launch of a second $5 million Black Founders Fund. The second fund will provide $100,000 in non-dilutive funding to 50 Black founders from Google for Startups’ U.S. programs and partner communities.
In addition to the unrestricted funding, recipients will receive up to $120,000 in Google Ads credits and as much as $100,000 in Google Cloud credits. Recipients will be announced in the fall of this year.
The 2021 Black Founders Fund builds on the momentum of the inaugural $5M Google for Startups Black Founders Fund, which provided 76 black founders with up to $100,000 in cash grants. Since the funds were distributed last October (Blog) 2020 recipients have received access to tools and teams across Google who have provided technical and business mentorship based on startup needs and community support from nonprofit Goodie Nation.
Within 6 months of receiving the awards, 2020 recipients have reported positive business economic, and business growth, including:
• 85% of recipients have used the awards to hire new employees
• 80% of recipients reported that these awards have directly helped their ability to accelerate conversations with investors within the last 6 months
• 74% shared that the “Google signal” has accelerated customer conversations, with 79% reporting the fund has immediately helped grow their revenues
• 74% reported that a Googler or Google team has provided ongoing support for their startup
Google for Startups said it is working to level the playing field for startup founders and communities to succeed by bringing the best of Google’s products, connections, and best practices to startups. Paired with a deep commitment to creating diverse startup communities, many of our offerings are designed specifically to provide underrepresented founders with access to resources and opportunities. We support startups everywhere to build something better. Because when startups succeed, we all succeed.