Venture Capital: Making VC More Inclusive – Google To Invest $40M In Black-Led Startups

This is in addition to the $60 million of capital Alphabet’s CapitalG has already committed to Black-led organizations to date.

Jeremiah Gordon is General Counsel at CapitalG, Alphabet’s (NASDAQ: GOOGL) independent growth fund which has $3 billion under management. He also leads an Alphabet-wide team focused on investing in Black-led VC funds, startups, and organizations supporting Black entrepreneurs. In a blog published Thursday, Gordon revealed that Google will invest an additional $40 million in Black-led startups and investment firms by the end of the year.

The new investment will come on top of a previous commitment of $60 million from Google intended to promote increased capital access and wealth generation in the Black community.

“Racial equity is inextricably linked to economic opportunity,” says Gordon, but what is interesting is his comment that funding alone isn’t enough.

It’s not just the money

Funds in hand, Gordon and cross-Alphabet team, including people from Google, CapitalG, and GV, found that Blacks needed more.

Hence, Google will provide the identified Black-led VC firms and their portfolio companies access to Alphabet’s people, network and technologies, as well.

This support includes access to Alphabet training and advising sessions. Also, a suite of offerings that include Google Ads and Cloud support, weekly office hours, and one-on-one advising with Alphabet leaders.

Black founders will also get Google-facilitated training programs focused on founder development, access to Google’s machine-learning training program taught by Google engineers, and sales training.

“Together, we hope these new investments and access to Alphabet’s knowledge and network will help Black founders and Black-led VC firms grow their businesses and create sustained economic impact for their communities and the world at large,” said Gordon.

Related Story:  Apple Invites Applications From Black Founders and Developers For Its Entrepreneur Camp                                                 

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Alternative Investments/Digital: State Street Digital, A New Division At State Street, To Focus On Crypto

State Street (NYSE: STT), which has $40.3 trillion in assets under custody or administration, said Thursday it is establishing a new digital finance division called State Street Digital. The new…
Venture Capital: UAL Floats United Airlines Ventures For Innovation In Travel And Sustainability

United Airlines (NASDAQ: UAL) announced its new corporate venture fund, United Airlines Ventures, on Thursday. The fund’s brief is to invest in emerging companies that could reinvent travel and aviation…
Digital Assets: IMF Has Reservations On El Salvador’s Bitcoin Move
June 11, 2021     Digital Assets, News

The IMF warned Thursday that El Salvador’s move to adopt bitcoin as a legal currency in parallel with the US dollar could have various economic and legal repercussions. El Salvador’s…
FinTech: Mexican Payments Platform Clip Raises $250M, Turns Unicorn
June 11, 2021     FinTech, News, Venture Capital

Clip, a Mexican digital payments and commerce platform founded in 2012, announced June 10, its raise of $250 million in a round led by the SoftBank Latin America Fund and…