A nonprofit that helps various founders is partnering with its corporate partners to help primarily black tech companies secure $5.3 million in funding.
For the third time since August 2020, $5 million will come from the Google for Startups Black Founders Fund uniting with Goodie Nation. Fifty black startups have been awarded $100,000 unconditionally this year. Efforts by the Atlanta-based Goodie Nation have helped black founders secure capital.
Additionally, Goodie Nation has partnered with personal computer maker Lonovo to award 30 small businesses with diverse owners in the United States and Canada $10,000 each. The awards, primarily for black founders, are expected to be awarded by January.
Prequel: Origin Stories + Inflection Points | Black Founders Fund III Ep. 6 https://t.co/q0fc1JBuGj
— Goodie Nation (@goodienation) September 19, 2022
In total, black homeowners earned $15 million through Google’s Black Founders Fund.
The money is needed because funding has dropped dramatically. Black startups won $324 million in venture capital funds in the second quarter of this year. That figure was down from $1.2 billion in the first quarter of this year and $866 million in the second quarter of last year. The numbers come from analytics firm Crunchbase.
The new pricing is a big deal because observers say that funding for black-owned startups typically comes directly from big global brands, not independent nonprofits.
Founder and CEO of Goodie Nation Joey Womack shared with BLACK CORPORATE some details about his non-profit organization, plans for growth, as well as access to new cohorts that have been founded.
“Goodie Nation continues its commitment to supporting diverse founders and in particular Black business founders and executives, in our efforts to bridge the relationship gap that often exists for minority entrepreneurs and women entrepreneurs to access capital, mentoring, sales acceleration and community.”
For Hassan Riggsthe founder of Smart Alto of Birmingham, AL, the $100,000 prize will help his artificial intelligence company hire another data scientist and buy more data to support his machine learning model that predicts which owners will move very probably within the next six months.
In an email, Riggs wrote, “Google and Goodie Nation support overlooked and underrepresented founders tackling big problems with innovative ideas. I’m proud to be part of this cohort of black founders who are making an impact, investing in their community, and solving problems that make the world a better place.
Funding will also help make a difference for Chicago-based Buoy Pricing Inc. revenue management platform that automatically prices and reports on vacation rentals.
Co-founder, Candice Speicher, wrote via email that this award means everything to Buoy. She and her husband Tim Speicherbuilt their business together.
She says, “Being supported by Google and Goodie Nation helps validate our technology, amplifies our mission, and gives us the community to help Buoy succeed.
“With this award, we can now make the necessary connections to reach more businesses and help them grow!” We are finally able to automate the Buoy onboarding process, which strengthens our technology, which we could not have done without this support. »
After launching in 2014, Womack says Goodie Nation now has 500 founders. But he is confident that new partnerships with bigger companies will increase that number. By the end of 2023, he predicts that Goodie Nation will have 750 founders, 350 investors, 200 coaches and 50 major companies as backers and partners.
In total, Womack says his companies have won about $20.8 million in funding over the past 2.5 years. He says about 75% of that went to black-owned businesses, with rewards ranging from $10,000 to $100,000. He says Goodie Nation placed $35 million in the hands of the founders, while connecting black businesses with funders and funding opportunities. He says 85% of that money went to black founders.
To help support its growth, Goodie Nation will host its first-ever in-person, “Intentionally Good Summit, Volume One” on October 18. Powered by Verizon, the exclusive event will be for the founders, coaches, investors, partners and team members that make up Goodie Nation.
“It will help us launch a few new projects such as connecting black-led startups to big corporations for paid pilots; scholarships for recent university graduates; and community development in several key cities.
More details are here.
Womack added that several backers have and continue to provide money to Goodie Nation, including Google, Concrete Rose, Accenture and Deloitte.