Technology Company, Google has selected 60 eligible black-founded startups across Africa for its second Black Founders Fund (BFF) for the region. Startups joining the program will receive a total of $4 million in funding and support to enable them to scale up their ongoing work.
Each of the selected startups will receive support in the form of a six-month training program that includes access to a network of mentors to help them address their unique challenges. They will also be part of tailored workshops, support networks and community building sessions. The 60 recipients will also receive non-dilutive rewards of between $50,000 and $100,000 and up to $200,000 in Google Cloud credit.
The beneficiaries, made up of 50% women-led businesses, hail from Botswana, Cameroon, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal, South Africa and Uganda. They specialize in industries such as fintech, healthcare, e-commerce, logistics, agtech, education, hospitality, and smart cities.
The top five countries with the most startups selected for the program are Nigeria with 23 grantees, Kenya with 12 grantees, Rwanda with six grantees, South Africa with five grantees, and Uganda with four grantees. Botswana and Senegal each have one startup selected, Cameroon and Ghana each have three grantees while Ethiopia has two selected grantees.
Startup Ecosystem Manager, SSA, Folarin Aiyegbusi said, “Africa is a diverse continent with huge opportunities, but the continent faces the challenge of limited diversity in venture capital funding flows. . We hope the Black Founders Fund program will be able to close the disproportionate funding gap between expat startups versus local, black-led businesses.
Launched in April 2012, the Google for Startups program has created over 4,600 jobs and raised over $290 million in funding. The Google for Startups Black Founders Fund program will introduce grantees in Africa to Google’s products, relationships, and best practices, helping founders level the playing field while building better products and services that add value to their businesses. the African economy.
MyMedicines Managing Director and BFF 2021 Program Alumni Abimbola Adebakin said, “Programs like the Black Founders Fund enhance the African ecosystem – where we currently have funding and infrastructure gaps. Google getting involved and putting its power behind successful entrepreneurs in Africa is a beautiful thing, and I’m very happy that Google has continued the Black Founders Fund in Africa initiative in 2022.”
Funding for the Google for Startup Black Founders Fund will be distributed through Google’s implementation partner, CcHUB.
“Non-equity cash assistance to startups will allow them to meet immediate needs such as staff compensation, inventory funding and software license maintenance. This is to help recipients to amortize the cost of debt at the start of their business, as many of them do not yet have stable income streams,” Aiyegbusi added.