Google announces today the names of the 12 new Brazilian startups that will receive contributions through the Black Founders Fund, initiative of the Google for Startups exclusively for black technology entrepreneurs. Among the selected companies, seven are run by black women founders or at c-level, that is, who act as CEO or in other high-level executive positions.
One of them is the Black Money Movement (see the full list below), founded by entrepreneur Nina Silva. With a focus on education and communication, the hub helps black entrepreneurs develop digital autonomy and expand their businesses.
“We have Nina Silva, who is a very important voice among black entrepreneurs and female entrepreneurs, we have iBench, with two female founders. So, for us, it was very important. We managed to find great companies that have this element of gender diversity is very present”, observes the director of Google for Startups for Latin America, André Barrence.
Strong presence of fintechs
According to Barrence, some sectors are strategic for Google for Startups, either because of their area of operation connected with Google’s business, or because of their strong presence in Brazil’s economic matrix. They are fintechs, retail or e-commerce, education, health and agro — the latter because of the potential for innovation within the Brazilian economy.
“An interesting fact, which reflects the movement of the market itself, is the existence of several fintechs in this selected pool. There are also financial education companies, which are not exactly fintechs, but that work with the financial literacy of the population”, says the executive.
Another point highlighted by Barrence is the presence of strong leaders in the founding teams. “All those selected are now excellent entrepreneurs and have a leadership position in the field of technology, which will contribute to the evolution of Afro-entrepreneurship in Brazil”, he highlights.
From investor to customer
Google does not acquire equity interest in any of the businesses it invests in through the Black Founders Fund: the fund’s main objective is to accelerate the ecosystem of black technology entrepreneurship.
“We understand that access to capital is still an important gap, and one of the main contributions we can make to black entrepreneurship is to start reducing these barriers. Our return is the impact on the ecosystem. In the medium and long term, we believe that these barriers companies will grow and become customers or partners,” explains André.
There are examples of startups that received investment from the Black Founders Fund and now provide services to Google. This is the case, for example, of Creators, one of the first companies to receive contributions from the fund. “I think it’s a super cool example of fostering this ecosystem,” he says.
Created in September 2020, the Black Founders Fund has R$ 5 million to invest – half of this has already been invested. Today, there are a total of 29 invested companies – the goal is to reach 35 over 18 months of the project. Enrollments remain open, and analyzes are carried out in a continuous process.
“From the enrollments in the program, we were able to map the size of this market of startups led by black people. It is obvious that, at the launch, we had a peak of enrollments, but we decided to leave them open, to give opportunities to more entrepreneurs” , explains André Barrence.
Check out the full list of selected startups
Fintech that, through open financing, transforms small businesses in vulnerable areas in bank branches.
Digital bank that financially supports the black community through social services.
Edtech that aims to democratize access to financial education, avoiding indebtedness and encouraging the population to invest.
Monthly subscription platform covering exclusive products produced by small business owners.
Financial community that, through a digital account, aims to democratize access for all to banking services.
Future business education school, whose products are focused on the financial market, enabling people to make better decisions for their lives.
100% digital mobile operator that offers transparency and freedom to its customers.
Smart mobile protection platform, aiming to be a complete mobile services company in just a few years.
Provider of digital solutions for laboratories, bringing together more than 170,000 products and dozens of suppliers, making the purchasing process much more efficient.
Platform that connects offline retailers to consumers, encouraging buyer loyalty via cashback.
Black Money Movement
Innovation center that promotes digital autonomy and the presence of black entrepreneurs, with a focus on communication, education and the development of black companies.
Streaming platform dedicated to black narratives.
Do you want to check out the exclusive contents of Época Negócios? Get access to the digital version.