UK tech startups dominate Google’s Black Founders Fund
Google has revealed 40 black-led European tech startups that will receive a $100,000 (£82,000) investment from its $4m (£3.3m) Black Founders Fund, 26 of which are based in the UK United.
The Black Founders Fund grew out of the tech giant’s Google for Startups initiative which helps founders scale their startups. The fund was created to address racial inequalities in venture capital funding.
This week, the Mayor of London, Sadiq Khan, hosted a get-together for London-based founders, as part of London Tech Week.
Khan said: “London celebrates the diversity of its business community and it’s fantastic to see that 60% of the companies selected for Google’s latest Black Founders support program are from London.”
This continues Khan’s crusade to attract tech investment to the capital. Last month, Khan toured the United States, including Silicon Valley, to meet with senior tech executives.
UK startups on the list include fashion tech Sojo UK, artificial intelligence company Yuty, fintech Goodloans and on-demand business school Framework.
Framework co-founder Asha Haji featured on UKTN Founder of the Five series, talking about scaling a business.
“Last year’s founders have generated significant returns for investors – in some cases more than 10x the initial investment in less than a year,” said Rachael Palmer, Head of VC and Startup Partnerships, EMEA, Google.
The 2021 cohort founders have gone on to raise £64m in additional funding according to Google.
Cohort members will receive $100,000 (£82,000) in non-dilutive cash rewards, up to $200,000 in cloud credits and advertising support, mentorship as well as access to Google Logins.
According State of European technology.
“Through the fund, we hope to spark needed change across the entire startup ecosystem, provide more opportunities for underrepresented entrepreneurs, and ultimately change the face of a successful founder,” Palmer added.
Last month, Britain’s competition watchdog launched an investigation into Google over the dominance of online ads and faced a lawsuit in the UK over its use of NHS medical data belonging to 1.6 million people in 2015.