The tech giant, Google has planned to invest $2.35 million in tech startups into the city as part of its Black Founders Fund. Google for Startups created the fund back in June to help African Americans businesses and entrepreneurs as part of its commitment to racial equality.
In total, there are seventy-six recipients that are set to receive the fund and thirty five of those are based in Atlanta. This totals out to each recipient receiving $100,000 each and Google will not receive any share from these companies.
“The hardest problem for black founders is that first chunk of money” says Calvin Williams Jr, of Freeman Capital. With Google’s new fund in motion this should help eliminate those financial set backs. Jewel Burks Solomon, head of Google for Startups US, said, “We are committed to helping Black founders who have been deeply impacted by COVID-19 and who are disproportionately locked out of access to the funding they need to succeed.”
Metro Atlanta has the highest number of Black startups that were awarded including Aquagenuity, Brown Toy Box, Clubba (by Usit Inc.), Countalytics, Deepr, Edifius, Film Connx, Goodr, Healthy Hip Hop, Infiltron Software Suite, Jax Rideshare Rentals, Just Add Honey, Knac, Kommute, Laine London, Latched and Hooked Beauty, LVNGbook, Make Music Count, MantisEDU, Mar Dat, Music Tech Works, Musicbuk, Optimal Technology Corporation, Origyn, PBC, Pharaoh’s Conclave, Portrait Coffee, Qoins, SOIL, SPRAISE, Staat, TQIntelligence, TruDiary, U Scope Technologies, Vibe Ride, and WRINKLE FREE DELIVERY.
Jakita and Erich Thomas, an Atlanta couple received $100,000 for their esports business Pharaoh’s Conclave. Erich said, “What Google has done is allowed the people on the ground doing the work to be the leads of these different efforts.”
To learn more about the “Black Founders Fund” and meet the receipts visit their website at https://startup.google.com/blackfoundersfund/