Google to invest USD40 million in Black-led startups, VC firms by 2021-end

Google's commitment is expected to prompt more investments from the industry and create a larger pool of capital for these Black entrepreneurs.


Devdiscourse News Desk | California | Updated: 14-05-2021 07:17 IST | Created: 14-05-2021 07:17 IST
Google to invest USD40 million in Black-led startups, VC firms by 2021-end
By the end of this year, Google will be investing USD40 million to support Black-led startups and investment firms. Image Credit: ANI
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Teams across Google and Alphabet have joined forces to identify and provide access to a suite of support for Black-led VC firms and startups. By the end of this year, Google will be investing USD40 million to support Black-led startups and investment firms.

This is in addition to the USD60 million of capital Alphabet's CapitalG has committed to Black-led organizations to date. Further, these organizations will get access to Alphabet's people, network and technologies so that they can grow their businesses.

"CapitalG uses a very similar approach to help hyper-growth stage companies overcome the biggest challenges as they get bigger. Along with leaders across Alphabet, Google for Startups, Cloud for Startups and Partnership Solutions, we have put together a suite of offerings that include Google Ads and Cloud support, weekly office hours and one-on-one advising with Alphabet leaders," Jeremiah Gordon, General Counsel, CapitalG, wrote in a blog post.

Besides, they will get access to Google-facilitated training programs focused on founder development, Google's machine-learning training program. Each of these organizations is also taking part in CapitalG's speaker series and virtual social events to foster connections between fund managers, portfolio companies and the Alphabet family.

Here are the Black-led venture capital firms and startups to which CapitalG has committed USD60 million in capital to date:

Black-led VC firms

  • Collab Capital (Atlanta)
  • Concrete Rose (Bay Area)
  • Noemis Ventures (New York)
  • Plexo Capital (Bay Area)
  • Reign Ventures (New York)
  • Slauson & Company (Los Angeles)

Black-led startups:

  • CityBlock Health (New York)
  • Translation / UnitedMasters (New York)

Google's commitment is expected to prompt more investments from the industry and create a larger pool of capital for these Black entrepreneurs.

"Together, we hope these new investments and access to Alphabet's knowledge and network will help Black founders and Black-led VC firms grow their businesses and create sustained economic impact for their communities and the world at large," Gordon added.

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