Venture Capital: The New, £3m ‘Black Founders Fund’ From Google For Startups Will Back 40 European Entrepreneurs
Of the 40 startups, a third are led by women.
Between 2009 and 2019, a mere 0.24% of VC funding went to Black founders in the UK. Last year, Google (NASDAQ: GOOGL) backed 30 Black-led startups with a £1.5m Black Founders Fund. These firms have already achieved an additional £65m in follow-on funding. Encouraged, Google has doubled this year’s fund to £3 million. (Sifted)
2022 Black Founders Fund from Google
- 40 startups selected
- A third of these are women entrepreneurs
- Each startup will receive $100K in non-dilutive cash
- Up to $200K in cloud credits and ad support
- Mentoring by industry experts
- Most (2/3rd) are based out of the UK
Rachael Palmer, head of VC and startup partnerships, EMEA, at Google, said: “Through the Fund, we’re hoping to ignite the change needed across the entire startup ecosystem, deliver more opportunities for underrepresented entrepreneurs and ultimately change the face of what a successful founder looks like.”
One startup on the list is fashion tech company Sojo UK.
“If you don’t look like a Mark Zuckerberg or a Bill Gates, there is this genuine barrier for investors to visualise that you are an entrepreneur that is going to build a unicorn,” said Josephine Philips, founder and CEO of Sojo.
“The intersection of being a woman, or the intersection of being black or the intersection of being young, or the intersection of being a solo founder, all of those things combine in people’s minds to just thinking you’re not the archetype of what succeeds and that barrier has to be overcome,” she added.
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