The Google Black Founders Fund is led by UK technology start – ups

Google has unveiled 40 black technology start-ups from Europe that will receive a $ 100,000 (£ 82,000) investment from its $ 4m (£ 3.3m) Black Founders Fund, and 26 of the start-ups will be based in the UK.

The Black Founders Fund comes from the technology giant’s Google for Startups initiative, which helps founders scale their start – ups. The fund was created to address racial inequality in venture capital financing.

This week the mayor of London, Sadiq Khan, convened a meeting for the founders of London, as part of London Technical Week.

Khan said: “London celebrates the diversity of its business community and it’s great to see that 60 per cent of the companies selected for Google’s latest Black Founders support program are from London.”

This follows Khan ‘s crusade to attract technology investment into the capital. Khan went last month on a tour around USAincluding Silicon Valley to meet senior tech executives.

UK start-ups on the list include fashion technology Sojo UK, artificial intelligence company Yuty, fintech Goodloans and the on-demand business school framework.

Asha Haji, co – founder of Framework, was featured on UKTN’s Founder in Five series, talking about scaling up business.

“Last year’s founders have generated significant returns for investors – in some cases more than 10 times the initial investment in less than a year,” said Rachael Palmer, head of VC and startup partnerships, EMEA, Google.

The founders of the 2021 cohort have raised £ 64m in additional funding according to Google.

$ 100,000 (£ 82,000) will be allocated to cohort members in undisturbed cash prizes, up to $ 200,000 in cloud credits and ad support, mentoring as well as access to Google links.

The fund was launched last year with funding of £ 1.5m before less than 0.25% of venture capital went to UK-led start-ups according to European State of Technology.

“Through the fund, we hope to ignite the desired change across the entire startup ecosystem, provide more opportunities for under-represented entrepreneurs and finally change the appearance of a successful founder,” he said. Palmer.

Last month saw the UK competition watch team launch an online Google – led investigation and address a UK law more than used NHS medical data of 1.6 million people in 2015.

The Google Black Founders Fund is led by UK technology start – ups

Source link The Google Black Founders Fund is led by UK technology start – ups

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