Google has announced that it is opening applications for the 2023 round of its Black and Latino Founders Fund.
The program was first launched in 2020 in the US to help Black tech entrepreneurs overcome the disproportionate hurdles they face when raising capital. Last year, it expanded the Black founders fund to Brazil, Europe, and Africa, and announced its first-ever Latino Founders Fund in the US.
Announcing the opening of the applications, Lisa Gevelber, VP of Google for Startups, said, “Beginning today, we’re opening applications for another round of Black Founders Funds in Africa, Brazil, Europe, and the US, as well as for our Latino Founders Fund in the US. We can’t wait to welcome a new group of Black and Latino founders who are using technology to solve some of society’s biggest problems.”
Through the funds, Google provides cash awards to successful applicants, without giving up equity in return, and hands-on support to help Black and Latino entrepreneurs build and grow their businesses. In addition, successful applicants receive ongoing Google mentorship, Google Cloud credits, and product support to help them navigate every stage of their startup journey.
Since its initial fund in 2020, Google has provided over $34 million in cash awards to 448 Black and Latino founders, who have gone on to raise over $400 million after its investment. The program has helped to address the disparities that Black and Latino entrepreneurs face in accessing capital and resources and has helped to drive innovation and growth in the tech industry.
Google’s Black and Latino Founders Fund is an important initiative that provides much-needed support to underrepresented groups in the tech industry. By providing cash awards and hands-on support, Google is helping to level the playing field and ensure that the tech industry is more inclusive and diverse. Applications for the 2023 round of the fund are now open, and entrepreneurs are encouraged to apply.