– Advertising –
Two local black-led startups recently received some good news.
The Leaders in Event Management Platform Eventnoire and revenue management tool for the vacation rental industry Price Buoys received $100,000 each from the Google for Startups Black Founders Fund. The money is awarded to promising black tech companies, which have historically struggled to access capital.
According to a report by Crunchbase, in 2020, American companies raised nearly $150 billion in venture capital, but black startup founders received less than 1% of that total.
– Advertising –
Both startups plan to use the money in part to attract more tech development talent to help them grow.
“This will allow us to double the engineering needed to stay relevant. At no time can we afford our website to go down,” said Joshua Mercer, Marketing Director of Eventnoire. “It’s also going to allow us to do more of the marketing and more of the branding needed to get the word out about our platform and what we’re looking to accomplish. »
“Honestly, it’s been very difficult to raise funds and all of our competitors are backed by venture capital funds — and this business is run by myself and my husband,” said Candice Speicher, co-founder of Buoy Pricing. “This money will further our mission to build technology that is truly useful to users. »
Mercer says targeted funding for black startups is crucial to creating a more equitable tech environment.
“We are always on the side of consumers, and never on the side of decisions,” he said. “So having people who look like you is going to be more intention and more thought, and less manipulation when it comes to technology. »