Black Founders Fund

Black Founders Fund

A Google initiative focused on investing in startups founded and led by black entrepreneurs in Brazil.

Black Founders Fund

According to official IBGE data, over 56% of the Brazilian population self declares as being black. Also, according to studies from Instituto Locomotiva, amongst those who are formally economically active, 29% own their businesses. However, according to the “Black Entrepreneurship in Brazil” study, carried out by PretaHub - a black trends and creativity initiative - in partnership with Plano CDE and JP Morgan, most of them started up their companies by dipping into personal savings or being funded by family and friends.

That happens because there is a market gap and also due to the fact that it is hard to access capital and get credit: around 30% of black entrepreneurs say that they were denied credit with to explanation.

About the initiative

The Black Founders Fund is a Google for Startups initiative to invest equity-free financial resources in startups founded and led by black entrepreneurs in Brazil. That means there is no shareholding or any kind of financial counterpart by Google within the selected startups who will receive funding.

Google for Startups’ goal with this initiative is to raise racial diversity in the startup ecosystem and to support black entrepreneurs who are building businesses with high growth potential.

Who is the fund for?

The Black Founders Fund is intended for startups that have self-declaring black entrepreneurs actively working on the company’s corporate structure, as well as are established and operating in Brazil, seeking seed stage funding.

Selection criteria

  • Startups’ growth potential and the capacity to impact brazilian lives;

  • The founders vision for the company, well-aligned company goals and complementarity amongst the startups’ team;

  • Businesses that have technology as their backbone;

  • Businesses that are seeking to raise a round of seed funding in order to develop the next stage of the startup’s development.

Benefits for selected startups

  • Equity-free funding;

  • Credits in Google products;

  • The possibility to take part in many startup support programs by Google;

  • Access to a network of mentors ready to help startups overcome challenges.

Timeline

Black Founders Fund will select startups during 18 months, starting in September 2020. Applications will be open throughout this period.

We will announce the selected startups, which will be funded by the Black Founders Fund, in various windows of time, still to be determined, within the next 18 months.

Startups already backed by the Black Founders Fund

Get to know the first three startups that have already received funding

  • Afropolitan
    Afropolitan

    Afropolitan is an e-commerce of afro culture products, with a social impact focus. The platform aims to create a collaborative ecosystem between multicultural retailers and customers.

  • CREATORS
    CREATORS

    HR Tech that provides creative work on demand. Through algorithms and specialized curatorship, we connect high-performance freelancers with companies in an agile and secure way.

  • TrazFavela
    TrazFavela

    Delivery app focused on local businesses in peripheral areas.

FAQs

How much will each startup get in funding?

How much will each startup get in funding?

Funding amounts will vary according to each startup’s product development stage, their current needs and how much funding has already been raised by them in the past.

My product has not been launched yet. Can my startup still be considered?

My product has not been launched yet. Can my startup still be considered?

We are looking for startups that already have an operating business, meaning a product has been released and there are active users and/or clients. If your startup doesn’t have a launched product yet, we recommend that you apply for Black Founders Fund when you do reach the said stage.

My startup has already been funded. Can it still be considered by Black Founders Fund?

My startup has already been funded. Can it still be considered by Black Founders Fund?

Yes. Even if your startup has already been funded, it is eligible for Black Founders Fund as long as it is looking into raising seed stage funding.

Will there be only one call for applications?

Will there be only one call for applications?

No. Google for Startups will receive and review applications and referrals for Black Founders Fund during 18 months, starting in September 2020.

I submitted my startup application right after the Black Founders Fund was announced, but my business evolved significantly from that time. Can I apply again in order to update information and metrics?

I submitted my startup application right after the Black Founders Fund was announced, but my business evolved significantly from that time. Can I apply again in order to update information and metrics?

Sure thing! As the application form will be continuously available, it is possible to apply again, reporting updated metrics. We will always consider your most recent application for consideration.

Will I get feedback about my business in case my application is not successful?

Will I get feedback about my business in case my application is not successful?

Unfortunately we won’t be able to provide feedback to startups that are not selected for the fund. We’ll reach out only to the selected group of startups, after application.

Will Google become an equity partner of the selected startups?

Will Google become an equity partner of the selected startups?

No. Google’s investment is equity-free: there is no shareholding or any kind of financial counterpart. Google will be an ally for each business’ progress, but will not be a part of the company’s corporate structure or will have any kind of financial return from this investment.