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Local Black-Led Tech Startups Get Funding Boost from Google

  Two Black-led startups in the community recently received encouraging news.

The founders of Eventnoire, an event management platform, and Buoy Pricing, a revenue management tool for the vacation rental industry, each received $100,000 from the Google for Startups Black Founders Fund. The funds are given to promising Black tech ventures that have historically had difficulty accessing capital.

According to Crunchbase, U.S. companies raised nearly $150 billion in venture capital in 2020, but Black startup founders received less than 1% of that total.

Read more here.

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Black entrepreneurs face tough adventure landing venture capital

Finding more venture capital for minority and women-owned start-up firms could help the region’s business community in a variety of ways, according to Doug Villhard, director of Washington University in St. Louis’ Olin Business School’s entrepreneurship program.

According to Bloomberg, Black/African American and Hispanic/Latinx founders will receive less than 2% of total venture capital in 2021. Female entrepreneurs received only 2% of venture capital funding.

“This funding gap shortchanges not only underrepresented founders but also the vitality of the entire innovation community,” Villhard said.

Read more here.