In 2022, just 1% of all venture capital funding went to Black-founded companies. Since 2020, we’ve provided more than $45 million in cash funding to 547 Black founders via our Google for Startups Black Founders Fund in Africa, Brazil, Europe and the United States. Startup recipients have gone on to raise over $400 million in additional investment after being selected, and used the non-dilutive funds to create jobs and grow their revenue.
Last week, we wrapped up six months of hands-on mentorship support and programming by welcoming 32 of the 2023 Black Founders Fund recipients from across Europe and Africa in Cape Town. I was honored to welcome founders with a keynote, fireside chat and Q&A to show unwavering support for our Black founders.
With more than 50% female leadership and representing more than 12 countries, this year’s Black Founders Fund cohort in Europe and Africa is nothing short of exceptional. From building women-focused investment platforms to using AI in supporting frequently overlooked jobseekers, I am excited for Google to continue to play a part in supporting the growth of these companies.
Spending time with founders for this year's closing event affirms why the Google for Startups Black Founders Fund remains the benchmark for corporate investment and allyship for the startup ecosystem. Racial equity isn't achieved by isolated moments throughout any one year — it's a continuous, focused effort to support people, just as they are, wherever they may be.
Learn more about the Google for Startups Black Founders Fund, and see the entire list of global Black Founders Fund recipients in the comprehensive Google for Startups alumni directory.