In 2022, Black-founded companies received only 1% of venture capital funding (source). To address this disparity, Google for Startups Black Founders Fund has provided over $45 million in cash funding to 547 Black founders in Africa, Brazil, Europe, and the United States since 2020. The fund has supported startup recipients who have gone on to raise over $400 million in additional investments and used non-dilutive funds to create jobs and grow revenue.
Recently, 32 of the 2023 Black Founders Fund recipients from Europe and Africa completed six months of hands-on mentorship support and programming in Cape Town. Google welcomed the founders and provided keynote speeches, fireside chats, and Q&A sessions to express unwavering support for Black founders.
The current Black Founders Fund cohort in Europe and Africa is exceptional, with over 50% female leadership and representation from more than 12 countries. The cohort includes companies focused on building women-oriented investment platforms and using AI to support often overlooked jobseekers. Google is enthusiastic about continuing to support the growth of these companies.
