Google has announced the recipients of its 2024 Google for Startups Founders Funds, specifically targeting Black and Latino entrepreneurs.
The focus is on AI-driven startups. Each selected founder will receive $150,000 in non-dilutive cash awards and $100,000 in Google Cloud credits to support their business growth. Additionally, they will gain access to mental health resources and mentorship from Google experts.
“AI can enable startups to build transformative products and solve complex challenges, but founders need access to capital to realize this potential,” stated Maya Kulycky, Vice President of Strategy and Operations at Google Research. “Through the Google for Startups Founders Funds, we are proud to invest in promising Black and Latino founders who are leveraging AI technology to address some of today’s most pressing issues. We are inspired by their groundbreaking work and potential to shape the future of AI.”
Among the recipients are Akeptus, a smart home energy management system company; Beta Financial Services, a Chicago-based firm aiming to eliminate human bias from deposit and lending services; and Bountiful, an agricultural tech company that assists farmers in understanding factors impacting crop production on a large scale.
“Google believes that racial equity is intrinsically tied to economic opportunity,” the company stated. “The Founders Funds were created to level the playing field for Black and Latino entrepreneurs who frequently lack access to early capital. Since 2020, Google has deployed over $50 million to Black and Latino founders worldwide, who have subsequently raised over $590 million in follow-on funding.”
