NEW YORK, Sept. 21, 2021 (GLOBE NEWSWIRE) -- 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.
"I've heard nothing but good things from my entrepreneurial peers in regards to the quality of the Google for Startups programs. In addition, when I heard that Jewel Burks was the new head of Google for Startups in the U.S., I knew that she would elevate the accelerator experience," says Abiodun Johnson, co-founder of GeoCloud. "This support from Google for Startups comes at a critical time and will be used to expand our team, amplify our voice through the ad support, and provide a more robust technology offering via Google Cloud suite of products."
"The Google for Startups Black Founders Fund embodies our mission of helping underrepresented founders grow their businesses. We are excited to continue the fund and contribute funding to Black founders, with no strings attached. Black founders currently receive less than 1 percent of total VC funding," says Jewel Burks Solomon, Head of Google for Startups U.S. "We heard loud and clear from the 2020 fund recipients that Google for Startups and Goodie Nation have been crucial to their success not only through funding, but through community, mentorship, network connections and technical expertise."
"Our advisors will be working with the founders to discuss business pain points, offer introductions to customers and investors and provide regular therapy sessions and forums to support recipients emotionally and professionally," says Joey Womack, CEO of Goodie Nation.
ABOUT GEOCLOUD
GeoCloud is a location intelligence company building out personalized location-based solutions for consumers, businesses, and governments to reach and communicate effectively with people near their locations. Their first product uGeo is a geo-social network that encourages people to live locally and engage with their community in real time. With the ability to find, join, and create groups, you'll always feel at home wherever you are in the world.
ABOUT GOOGLE FOR STARTUPS
Google for Startups works to level the playing field for startup founders and communities to succeed by bringing the best of Google's products, connections, and best practices to startups. Paired with a deep commitment to create diverse startup communities, many of our offerings are designed specifically to provide underrepresented founders with access to resources and opportunities. We support startups everywhere to build something better. Because when startups succeed, we all succeed.
Contact: press@geocloud.co
Related Images
Image 1: Abiodun Johnson
Abiodun Johnson, Co-Founder & CEO @ GeoCloud
Image 2: Jay Jackson
Jay Jackson, Co-Founder & CTO @ GeoCloud
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