Key Takeaways
- • Google hosted 32 of the 2023 Black Founders Fund recipients from Europe and Africa in Cape Town, closing six months of mentorship and programming.
- • Since 2020, Google has provided more than $45 million in non-dilutive cash funding to 547 Black founders across Africa, Brazil, Europe and the United States, according to the company's blog.
- • Recipients have gone on to raise more than $400 million in additional investment after selection, per Google.
- • The 2023 European and African cohort is more than 50% female-led and spans more than 12 countries.
Summary
Google's blog post marks the close of the 2023 Google for Startups Black Founders Fund programme for founders in Europe and Africa. The company said 32 of the 2023 recipients gathered in Cape Town last week after six months of hands-on mentorship and programming. Google EMEA Diversity, Equity and Inclusion Director, who wrote the post, delivered a keynote, fireside chat and Q&A at the event.
According to the post, Google has provided more than $45 million in cash funding to 547 Black founders since 2020 through the fund, which operates in Africa, Brazil, Europe and the United States. The funding is non-dilutive, and Google says recipients have used it to create jobs and grow revenue. Startup recipients have gone on to raise more than $400 million in additional investment after being selected. The post cites a 2022 statistic that just 1% of all venture capital funding went to Black-founded companies.
The 2023 European and African cohort has more than 50% female leadership and represents more than 12 countries. Google highlighted startups building women-focused investment platforms and using AI to support frequently overlooked jobseekers. Separately, a Google for Startups listing describes 15 European recipients receiving up to $150K each, and an Africa-focused fund of $3 million allocated across a pipeline of 50 investable startups; these figures come from supplemental listings rather than the primary post.
According to the post, Google has provided more than $45 million in cash funding to 547 Black founders since 2020 through the fund, which operates in Africa, Brazil, Europe and the United States. The funding is non-dilutive, and Google says recipients have used it to create jobs and grow revenue. Startup recipients have gone on to raise more than $400 million in additional investment after being selected. The post cites a 2022 statistic that just 1% of all venture capital funding went to Black-founded companies.
The 2023 European and African cohort has more than 50% female leadership and represents more than 12 countries. Google highlighted startups building women-focused investment platforms and using AI to support frequently overlooked jobseekers. Separately, a Google for Startups listing describes 15 European recipients receiving up to $150K each, and an Africa-focused fund of $3 million allocated across a pipeline of 50 investable startups; these figures come from supplemental listings rather than the primary post.
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