After being accepted into the inaugural Google for Startups Accelerator for Black Founders, four local companies have landed funding from the technology giant.
Joining 76 other startups, Dallas-based Kanarys and Zirtue, as well as McKinney’s ShearShare and CourMed were selected for funding through the recently launched Google for Startups Black Founders Fund. The four startups received $300,000 from Google’s $5 million fund, which launched in June.
All of the startups receiving funding have participated in Google-affiliated accelerator and incubator programs.
“Seeing a major tech company like Google prioritize investing both money and energy in Black Founders is incredibly impactful, as Black women reportedly receive only .06 percent of VC funding,” Kanarys co-founder and CEO Mandy Price said in a statement. “We’re very proud of the commitment Google for Startups has made to help close this funding gap, empower entrepreneurs and support our mission of improving the workplace for underrepresented employees.”
Google for Startups for Black Founders is the most recent accelerator program Google has launched. The three-month program, which focuses on Black-owned tech startups between Seed and Series A stages, kicked off in August.
The creation of Google for Startups for Black Founders and the Black Founders Fund are both part of a larger investment in the Black business community for the Alphabet-owned company. In June, in the wake of protests sparked by the police killing of George Floyd, Google announced plans to invest $175 million towards economic opportunity for Black business owners and founders.
“We know that hands-on support and connections are necessary elements to any founder’s success,” Google wrote in its announcement of the funding. “With these funds, we are also committing to growing a relationship that brings these founders the best of Google.”
Kanarys offers a platform for both employers and employees to help create a diverse and inclusive culture and workplace. It uses anonymized and aggregated data to determine the level of employee satisfaction with the workplace and the company’s initiatives. For employers, they are able to track trends and statistics, based on collected data and surveys. On the other end, employees are given a place to express issues or concerns without fear of retaliation. Late last year, Kanarys closed on a $1.5 million Pre-Seed round, making co-founders Price and Star Carter two of only about 50 Black women to raise more than $1 million in VC funding. Price and Carter were also recently named to Entrepreneur’s 100 Powerful Women list.
ShearShare was launched by husband and wife team Tye and Courtney Caldwell In 2015 to help connect open chairs in salons and barber shops to professional stylists. The company’s B2B platform allows professionals to find places in their geography with prices per day. Since its founding, the company has raised $3.6 million from backers including Revolution’s Rise of the Rest Seed Fund, Structure Capital, Precursor Ventures and Backstage Capital.
In this age of botched loans, Zirtue is forging a more direct path. The relationship-based lending application, founded in 2017 by Dennis Call and Michael Saey, “simplifies and automates loans between friends, family and trusted relationships.” Last year, the startup raised a $1 million Seed Round to further its spread into the marketplace and it now has hundreds of thousands of users. Zirtue was also one of NTX Inno’s 2020 Inno on Fire Blazer winners.
Launched in McKinney in 2018 by founder and CEO Derrick Miles, CourMed has a network of partnered physicians and pharmacies that users of its platform can connect and consult with on their medical needs. The company then identifies the closest pharmacy a needed item can be obtained from and has one of its more than 300 drivers – who are trained in medical privacy laws – deliver the item to the user’s door. The company was recently a recipient of the McKinney Economic Development Corporation Innovation Fund, helping it expand in McKinney.
“Honored to stand alongside @google.org as they pledge $10m to help underestimated #entrepreneurs start businesses by giving ACCESS TO CAPITAL,” ShearShare wrote on Twitter. “We know all too well that starting a small biz can be a pathway to economic prosperity for #smallbiz owners & the community.”
