Five D.C. firms — an investor and four startups — have landed financing from Google, as the global tech giant’s parent company, Alphabet Inc. (NASDAQ: GOOGL), continues funneling funding to underrepresented entrepreneurs across the U.S.
Zeal Capital Partners, led by AT&T alum Nasir Qadree, has secured a chunk of funding from Alphabet growth fund CapitalG, which previously committed $100 million to Black-led venture firms.
Zeal backs tech-enabled, early-stage fintech and future-of-work companies often overlooked by traditional investors because of background, gender, ethnicity, geography or experiences. The firm aims to help close the racial and gender wealth gaps with its inclusive investing strategy, which focuses on ventures with diverse management teams, across markets and in sectors with opportunity for innovation, that bring both financial returns and social impact.
Qadree declined to disclose the size of CapitalG’s investment. Zeal, which raised its first fund at more than $62 million in July 2021, is among seven such organizations nationally to receive part of the initiative’s latest funding.
“This is significant because through our inclusive investing discipline, we’re able to be more inclusive in how we cast a wider net of entrepreneurs who have the potential to build iconic businesses and be change agents of the world,” Qadree, Zeal’s founder and managing partner, said in a statement. “Partnering with Alphabet positions us to level the playing field so that women and underrepresented founders truly get a fairer swing at capital and resources that allow them to become market leading technology companies.”
At the same time, Google for Startups, the Mountain View, California, company's entrepreneurship arm, has invested a total of $400,000 into four local startups as part of its Black Founders Fund’s third cohort. Each company receives $100,000 in cash, as well as support and mentorship, free mental health therapy and access to the program’s alumni network, according to Google. The fund, created in 2020 with $5 million to increase access to capital for Black entrepreneurs, now comprises 176 founders across the country and has more dollars behind it.
The D.C. companies to score the cash are:
- Happied, a virtual event planning startup for businesses, founded in 2016. The company, which said it plans to use the funding for hiring and marketing, has raised $1.62 million, according to data firm PitchBook. It’s led by co-founders April Johnson, its CEO, and Sharon Cao, its chief operating officer.
- Gauge, a research platform for businesses, went live in 2017. The company comes from the minds behind consulting firm Values Partnerships. It’s led by co-founders Joshua DuBois, its CEO, and Brandon Andrews, its chief product officer.
- Wolomi, a pregnancy app for women of color, launched in 2019 with an eye toward improving maternal health outcomes. It’s led by founder Layo George, who said the startup will use the money “to improve our sales and marketing efforts so that we can reach more women.”
- SoHookd, a wellness-based rewards marketplace. The 7-year-old startup is led by CEO and founder B.J. Wiley Williams. She said she intends to put the financing toward business development, product and technology investments.
Google’s support of Black founders comes alongside efforts to address racial and gender inequities in the investment landscape, as people of color and women receive a small sliver of total venture capital dollars.
