Google is launching $6 million in seed funding in Asia Pacific through its Google.org philanthropy arm. As the company’s chief sustainability officer, Kate Brandt, announced, the fund will be used to disburse startups in Asia that are working to address “sustainability challenges.” Such as pollution, waste, biodiversity, renewable energy and circular economy.
In addition to funding, Google will also provide mentorship from its engineers as well as access to technology under the program. Previously, the tech giant gave capital to Indonesian startup Gringgo, which aims to solve waste management problems in the country. In addition to this initiative, Google will add green options to its own products, including its search engine.
Last year, Google-backed Factor raised $6 million in funding. San Francisco-based Factor was founded by Doug Shultz and Michael Szewczyk, who met while working on a graduate project at Harvard Business School and Stanford to solve the “First Mile” supply chain problem. “.
It’s a term that refers to the proliferation of manual processes and limited access to data in the early stages of production, leading to delays and shortages before shipping. “Most people hear ‘supply chain disruption’ and think of container ships stranded outside a port. But the overwhelming majority of disruptions occur before goods are shipped – in the first mile of the supply chain,” Shultz said in a press release.
Factor raises $6 million in seed funding
“This part of the supply chain transacts trillions of dollars every year and has never been more specialized, but the infrastructure that keeps it running hasn’t kept pace,” says Factor, which now serves more of 250 companies, mostly mid-size manufacturers, who use its software to reduce the time and resources needed to go from product design to finished products.
Many industries, especially those that traffic in electronics and durable goods that need semiconductors, are seeing longer delivery times in 2022. Industry groups say they are increasingly concerned about the impact of these long delays on payments and the fulfillment of durable goods orders. “Combined with increased demand for appliances and equipment, supply chain bottlenecks are having negative consequences including increased costs, lost sales, delays in delivering critical products to consumers facing supply chain backlogs and even manufacturing plant closures,” the Association of Home Appliance Manufacturers, a coalition of four industry groups, said in a statement in October.
It is still unclear if the company is working on sustainable startups in all aspects. However, it looks like more startups will be backed by Google.