Newark Company Earns $100K Grant From Google Black Founders Fund

Newark NJ

05 October, 2021

8:00 AM

Description

NEWARK, NJ — A Newark-based startup company will get a $100,000 grant from Google as part of its second Black Founders Fund awards. Google for Startups recently announced that PeduL will receive a non-dilutive $100,000 cash grant. Along with the grant, founder Chisa Egbelu will receive technical and business mentorship from Google employees, $120,000 in Google.org Ads grants and up to $100,000 in Google Cloud credits. Google for Startups said PeduL "delivers a pipeline of competitive and eligible applications and top pre-vetted talent with corporate partners, providing access to highly qualified candidates that reflect the future of the 21st-century workplace." The company's website offers more background about its origin, which began at Rutgers University: "The idea for PeduL all began with an honest conversation between two college students: Chisa Egbelu and Kayla Michele. While they were in school at Rutgers University, the most diverse school in the country, they saw two sides of the same coin. They saw their friends struggle to gain employment at corporations across the country, but they also saw their employers at places like Google and NBCUniversal, struggle to find diverse talent. They knew that the talent was there, but they understood how difficult it could be for a corporation to find it. These were the seeds that blossomed into PeduL … PeduL's mission is to assure that all students have equal access to academic and professional opportunities - regardless of where they go to school or who they know. And it's our thesis that employers who are intentional about curating diverse work environments will create more sustainable and impactful legacies for generations to come." The announcement got a thumbs up from Gov. Phil Murphy. "Chisa and PeduL are the embodiment of New Jersey's innovative spirit," Murphy said. "This grant was well-earned, and I look forward to seeing Chisa's success in the months and years to come." "Our administration has worked fervently towards cultivating and attracting start-ups to our state," Murphy added. "Google's recognition of one of our best and brightest is a proud moment and one that we will cherish." Google for Startups selected 50 total Black-founded startups — including PeduL in Newark and seven in the New York City metropolitan area — to receive equal grants from a $5 million fund. It's the second $5 million round of Black Founders Fund investments, raising the overall fund total to $10 million. According to a news release, in 2020, a total of 76 Black founders were selected for the inaugural awards of between $50,000 and $100,000 in non-dilutive cash grants. Since receiving the grants, the initial founders have collectively raised more than $50 million in follow-on capital, and about 80 percent used the funds to create new jobs. "The Google for Startups Black Founders Fund embodies our mission of helping underrepresented founders grow their businesses," said Jewel Burks Solomon, head of Google for Startups U.S. "We are excited to continue the fund and contribute non-dilutive funding to Black founders, who currently receive less than 1 percent of total VC funding," Solomon said. To be eligible for a grant, founders needed to be nominated by a prior recipient or by a partner in the Google for Startups network, or they must have participated in Google for Startups programming, such as the Black Founders Exchange. The grants will be distributed to founders directly through Goodie Nation, a Black-led nonprofit organization which will also help grantees develop relationships with influencers, advisors and other supporting individuals. Blessed and highly favored. My team and I at @wearepedul are joining an incredible group of founders as we announce our brand new backing by @GoogleStartups. $100k in non-dilutive funding. The marathon absolutely continues 🏁 https://t.co/mAizcfVBXU #FundBlackFounders pic.twitter.com/sHSIp0J9uD— Chisa Egbelu #TechAllenIverson (@ChisaMaYnE) September 21, 2021 Send local news tips and correction requests to [email protected] Sign up for Patch email newsletters. Learn more about posting announcements or events to your local Patch site. Don't forget to visit the Patch Newark Facebook page.