Google for Startups, US-headquartered internet technology provider Google’s entrepreneur community, has formed a Black Founders Fund to fund black Brazil-based startup founders.
The R$5m ($945,000) fund is accepting applications on a rolling basis until March 2022 and will provide seed capital to roughly 30 early-stage companies founded by black entrepreneurs to help develop a diverse and inclusive innovation ecosystem.
Google will neither partner nor take an equity stake in the startups through the scheme, which has already backed Afro-Brazilian-focused e-commerce platform Afropolitan, on-demand freelance work technology developer Creators and TrazFavela, which is working on a last-mile delivery software tool for local businesses in the suburbs.
The news came in the wake of Google announcing the fifth class for its Africa-oriented accelerator programme, Google for Startups Accelerator Africa, in June this year.
The graduates included skincare teleconsultation service Adi+Bolga, cargo transport platform AmiTruck, computer graphics and video software supplier Beamm, commuter data provider BuuPass and loan processing platform developer Crediation.
Credpal, which is working on an on-demand consumer credit programme; Crop2Cash, developer of a financial technology tool for farmers; Curacel, a platform that detects fraud for insurance companies; events organisation tool Festival Coins, diagnostic software developer Ilara Health and investment app operator Franc were also among the batch.
Legal database Judy, financial inclusion service Kaoun, online freight forwarder Send and business information provider Stears also featured in the group, as did social investing platform The Smarthub, logistics portal Thumeza, enterprise resource allocation software provider Uzapoint, ride hailing service Zayride and Zuka Data Science, which runs data education and training programmes.
