Chicago has one of the country’s largest populations of Latino communities. As such, the city also has various Latino-founded startups ranging from e-commerce platforms to innovative food tech startups. Despite the numerous successful Latinx-founded and led startups, founding for Latinx startups is still elusive.
According to Crunchbase, last year was the best year for Latinx startup funding, however, only 2.1 percent of all venture funds were invested in this demographic. In 2020, 1.7 percent of venture funds funneled into Latinx startups and in 2019 that number was only 1.4 percent.
In an effort to close the funding gap, Google is investing $5 million into 50 Latinx-founded startups with its Google for Startups Latino Founders Fund. The tech giant is set to invest $100,000 into each startup and will also provide mentorship. Along with the cash, the startups will also get access to free mental health therapy. Five of the startups selected for this fund are based in Chicago.
“We are excited to support these talented Latino entrepreneurs as they build innovative solutions and solve tough problems,” Daniel Navarro, U.S. marketing lead of Google for Startups, said in a statement. “I hope the launch of our inaugural Google for Startups Latino Founders Fund not only catalyzes the growth of these incredible Latino-led startups, but also inspires other Latino entrepreneurs, and ultimately generates wealth within the community.”
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