The Black Founders Fund is intended for startups that have active founder shareholders who self-identify as Black, that are incorporated and operating in Brazil, and that are seeking investments at the pre-seed or seed stage.
Google for Startups invests financial resources, without any counterpart or equity participation, in startups founded and led by Black entrepreneurs in Brazil. The goal of Google for Startups with the initiative is to expand racial diversity in the startup ecosystem and support Black entrepreneurs.
Potential startups go through evaluation criteria to be selected by the program. They are:
- The startup's growth potential and the solution's ability to positively impact Brazilians' lives;
- The founders' vision, alignment of objectives, and complementarity among the startup team;
- Use of technology as the foundation of the solution;
- Seeking a seed investment round to finance the next stage of the startup's development;
"...We do this by connecting entrepreneurs and startups to the main forces of Google...", says Google for Startups Head, André Barrence. The first fund, launched in 2020 with R$ 5 million, invested in 33 companies. The second, which was announced earlier this year, has R$ 8.5 million and should invest resources in between 25 and 30 companies.
You can watch the video below, made on the "Café com Investidor" Podcast, where Barrence talks about how Google for Startups came about, offers more details about the Black Founders Fund and its investment strategy, and analyzes what has been done in the Brazilian entrepreneurial ecosystem to increase inclusion and diversity.
