Back in June, Google (NASDAQ: GOOGL) for Startups unveiled the 30 technology companies that would be receiving grants from its $2 million Black Founders Fund. This initiative was created to support Black-led startups in Europe.
In the program, Google provides each business with up to $100,000 in cash, and unlike other investments, these founders do not have to give up any ownership in their company in order to receive the funds. These startups are also granted up to $220,000 in Google Ad Grants and Cloud credits, an acceleration program that provides leadership training, mentoring, and a support network to fuel their growth.
The fund has been praised by many, mainly because currently, only 0.5% of venture capital funding goes to minority-led companies in Europe. Therefore, the tech giant is helping founders who are unfairly locked out of access to capital.
Those selected to receive the fund come from a broad range of industries including healthcare, food, education, and fitness.
By investing in Google, you are also helping to support these companies, which is attractive if you follow an Environmental, Social, and Corporate Governance (ESG) investment style.
The following up-and-coming businesses are definitely ones to watch, and while they might not be public yet, these startups might make their stock market debuts in the future. As an investor, it’s also always good to know what businesses are emerging in foreign markets and to be aware of the ones that huge companies like Google believe are worthy of investing in.
Black-owned companies that are backed by Google
Deborah Choi is the Managing Director and co-founder of Bosque, a business that “brings nature home.” This German company is a direct-to-consumer plant firm. This innovative business helps users discover the best plants for your home, delivers them, and then also assists you with any plantcare consumers might need.
2. Heex Technologies
Bruno Mendes Da Silva is the co-founder of Heex Technologies. This French firm has an Software Development Kit (SDK) for embedded architectures, APIs, and a web platform. It allows the next generation of Artificial Intelligence (AI) companies, a hot sector right now, to get the data that they need to make ground-breaking innovations.
Michael Musandu is the CEO and co-founder of Amsterdam-based company Lalaland. This Dutch firm uses AI to create synthetic images of humans for fashion e-commerce brands, allowing users to show their clothes and accessories on different models with a click of a mouse. Lalaland’s website states: “Bye-bye, one size fits all, hello, diversity.” The company allows users to build their brand using their AI tech to produce model photos remotely, which, in turn, saves fashion brands lots of cash. With digital shopping a thriving sector right now, this company is definitely one to keep an eye on.
These are just three of the 30 companies that Google has invested in as part of the fund. Read the full list here.
Google supports diversity
Rachael Palmer is a Black British businesswoman who is a key figure behind this great initiative. As the Head of VC and Startup Partnerships at Google, Palmer is behind the company’s partnership strategy that invests in startups throughout Europe, the Middle East, and Africa.
Palmer launched the Black Founders in Europe fund and a $3 million scheme in Africa. Palmer explained:
“My role focuses on driving partnerships with the region’s top VCs and startup but also working on initiatives to transform the ecosystem for the better.”
This work and funding are just some of the steps Google has taken over the years to encourage Black businesses around the world, proving that the stock is a great choice for those looking to promote and invest in these types of programs.
Access more worthy investments by checking out our market-beating shortlist of stocks. Start your free access now so you too can generate real long-term wealth.
Financial Writer at MyWallSt
Nicole's favorite stock is Etsy because she loves its original and handmade items. She believes people are going to stop buying mass-produced items and start purchasing ‘one of a kind’ fashions and furnishings. In a world of sameness, Etsy has the advantage.