Latino-led businesses are the fastest-growing segment of U.S. small businesses, but as an aggregate they only receive 2% of total U.S. venture capital funding, despite comprising 20% of the U.S. population.
To help correct this disparity, Google has allocated $5 million to its inaugural Google for Startups Latino Founders Fund.
Google announced the names of the first 50 Latino founders who will receive funding. Included on the list of honorees is Milwaukee-based The Way Out, headed by co-founders Ruben Gaona and Eli Rivera. The organization focuses on connecting justice-involved job seekers with employment opportunities, and then provides support for the workers as they reintegrate into society.