|News Update|| |
GeoCloud selected for Google for Startups Black Founders Fund
GeoCloud, a startup focused on creating personalized and enriched location-based experiences, today announced it was selected to join the second cohort of the Google for Startups Black Founders Fund, a $10 million initiative designed for Black founders who are building great companies yet are often locked out of access to the funding that is critical to their success.
Last year, Google for Startups gave 76 Black-led startups up to $100,000 in non-dilutive funding, helping them keep their doors open, pay their employees, and focus on building their businesses. With this second $5 million investment in the U.S. Black Founders Fund, 50 more founders across the United States will receive $100,000 in non-dilutive capital, meaning founders do not give up any ownership in their company in exchange for funding. The fund also includes technical support from tools and teams across Google, including as much as $120,000 in donated search ads from Google.org and up to $100,000 in Google Cloud credits. Last year, founders who received awards went on to raise more than $50 million in capital and 80% of recipients used the funding to create jobs.
GeoCloud is one of a select few high-potential startups that the Google for Startups team has selected for this year’s nationwide cohort.