Google for Startups, a division of Google, has awarded $1 million to seven minority-owned startups in New York City as part of its Black Founders Fund and Latino Founders Fund. This marks the fourth grant year for the former and the second grant year for the latter. Since the fund’s launch in 2020, Google has invested $45 million in prize money to support 547 startups worldwide.
The Black Founders Fund was created to address the unique challenges faced by black tech entrepreneurs when it comes to raising capital. Lisa Gebelber, the vice president of Google for Startups, stated that the fund aims to help these entrepreneurs overcome these disproportionate hurdles.
Previous winners in New York City include Noula Health, a community-building tool for digital nomads, and Adventurely. Additionally, Google pledged to invest $100 million in black-led venture capital firms, which included an investment in Collide Capital, a New York City-based firm.
The program focuses on funding startups that are between their seed round and Series A. To qualify for the program, companies must be developing a scalable product or service and preparing for global expansion. The latest round of funding includes startups based in different cities.
Platform for Small Business Loan Discovery, a company that helps diverse women-owned businesses apply for funding from financiers looking to support their communities, has received $3 million in joint seed funding in 2022. The founder of this startup is Ignacio Semerene.
Local Citizen is another recipient of the grant. This company streamlines educational resources on citizenship, social impact, and visionary leadership for schools at all levels. They recently received private seed funding in August 2022. Beverly Leon is the founder of this startup.
Otis AI, a platform that allows small businesses to manage and measure their digital marketing efforts to optimize return on investment, has already received $2.5 million in funding in 2021 and 2022. Clarence Williams is one of the co-founders.
Overwatch Data, another grant recipient, operates a platform that enables businesses to monitor real-world risks and opportunities that can affect their bottom line. They have already received $2.5 million in funding from Y Combinator in their 2022 seed round. Zara Perumal is a co-founder of Overwatch Data.
Pay Pay, a company that sells a fast contactless mobile payment app for restaurants, has received $4.5 million in accelerator grants and seed funding. The app easily integrates with existing point-of-sale software. Derek Canton is one of the co-founders.
Seam Social Lab, under AB Corporation, offers enterprise software called Co:census. This AI-powered software helps city planners and officials gather and understand community feedback on upcoming projects. The company has received $2.3 million in funding from accelerator and seed rounds. Tiasia O’Brien is one of the co-founders.
Teamwork Healthcare is a startup that provides home therapy for children. They analyze behavior using technology and cater to families, including those on Medicaid plans. This company has received $2.85 million in seed funding in 2021. Erika Byers is the founder.
The funding provided by Google for Startups aims to support these startups on their journey towards building scalable products or services and preparing for global growth. By empowering minority entrepreneurs, Google hopes to foster diversity and innovation in the tech industry.
The recognition and financial support offered by Google not only provide a boost to these startups but also shine a light on the valuable contributions and potential of minority-owned businesses. As such initiatives continue to gain traction, the tech industry can become more inclusive and representative of all communities.
These investments by Google demonstrate the company’s commitment to leveling the playing field and providing opportunities for underrepresented entrepreneurs. By supporting startups at a critical stage in their growth, Google is fostering innovation, diversity, and economic development.
Through its Black Founders Fund and Latino Founders Fund, Google for Startups is making a significant impact on the startup ecosystem. The program’s continuation and expansion will likely lead to further advancements in diversity and inclusion within the tech industry.
As Google for Startups continues to invest in underrepresented founders and provide resources to support their growth, the impact on the startup ecosystem is undeniable. By leveling the playing field and empowering entrepreneurs from diverse backgrounds, Google is driving innovation and creating a more inclusive tech industry.
