Key Takeaways
- • Google for Startups named the first 50 recipients of its $5 million Latino Founders Fund, announced July 2022 at the UnidosUS Annual Conference in San Antonio, with each founder receiving $100,000 in cash awards.
- • Each awardee also receives $100,000 in Google Cloud credits, hands-on mentorship from Googlers, and access to therapy sessions.
- • Google committed $7 million last year to Latino founders, allocating $5 million to the Latino Founders Fund and $1 million to supporting organizations in the Latino startup community.
- • Google cites a funding gap: Latino-led businesses are the fastest-growing segment of U.S. small businesses but receive only 2% of total U.S. venture capital funding, despite comprising 20% of the U.S. population.
- • Google points to its Black Founders Fund, under which 126 Black founders received $10 million in cash awards over two years and went on to raise over $75 million in follow-on funding.
Summary
Google has named the first 50 recipients of its Latino Founders Fund, a $5 million program run under Google for Startups. The awards were revealed on July 2022 at the UnidosUS Annual Conference in San Antonio. Each of the 50 Latino founders will receive $100,000 in cash, $100,000 in Google Cloud credits, hands-on support and mentorship from Googlers across the company, and access to therapy sessions for emotional and professional support.
The announcement is framed by Google's stated rationale that gaining access to funding is a persistent challenge for Latino entrepreneurs. According to the company, Latino-led businesses are the fastest-growing segment of U.S. small businesses, yet as an aggregate they receive only 2% of total U.S. venture capital funding, despite Latinos making up 20% of the U.S. population. Google said it committed $7 million last year to help Latino founders and support organizations nurturing Latino-led startups, of which $5 million went to the inaugural fund.
Google also described $1 million in support for the broader Latino startup ecosystem. Its activities include a partnership with eMerge Americas to connect founders across North and Latin America; the launch, with Visible Hands, of VHLX, a program providing $10,000 cash stipends to early-stage Latino entrepreneurs; and a first Latinx Leaders Summit with Inicio Ventures, with pitch competitions planned later in the year.
Google pointed to the Black Founders Fund as precedent. Over the past two years, Google for Startups provided $10 million in cash awards to 126 Black founders in the U.S., who have collectively raised more than $75 million in follow-on funding, according to the company. Recipients also reported gaining customers and hiring teammates.
According to supplemental reporting from recipient organizations, the cohort includes founders building reproductive health support, student debt relief and legal-access businesses, and several awardees have publicly announced their selection.
The announcement is framed by Google's stated rationale that gaining access to funding is a persistent challenge for Latino entrepreneurs. According to the company, Latino-led businesses are the fastest-growing segment of U.S. small businesses, yet as an aggregate they receive only 2% of total U.S. venture capital funding, despite Latinos making up 20% of the U.S. population. Google said it committed $7 million last year to help Latino founders and support organizations nurturing Latino-led startups, of which $5 million went to the inaugural fund.
Google also described $1 million in support for the broader Latino startup ecosystem. Its activities include a partnership with eMerge Americas to connect founders across North and Latin America; the launch, with Visible Hands, of VHLX, a program providing $10,000 cash stipends to early-stage Latino entrepreneurs; and a first Latinx Leaders Summit with Inicio Ventures, with pitch competitions planned later in the year.
Google pointed to the Black Founders Fund as precedent. Over the past two years, Google for Startups provided $10 million in cash awards to 126 Black founders in the U.S., who have collectively raised more than $75 million in follow-on funding, according to the company. Recipients also reported gaining customers and hiring teammates.
According to supplemental reporting from recipient organizations, the cohort includes founders building reproductive health support, student debt relief and legal-access businesses, and several awardees have publicly announced their selection.
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