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.
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