Nigeria : 60 eligible black-founded startups across Africa to share of $4m fund
- 19 May 2022 / News / 263 / Fares RAHAHLIA
Following the success of the first cohort last year, Google will increase its commitment with an additional $1 million in funding and support for 10 more founders this year. This will result in a commitment of $4 million to 60 eligible black-founded startups across Africa.
The BFF Africa is open to startups that meet the eligibility criteria in Botswana, Cameroun, Côte d’Ivoire, Ghana, Ethiopia, Kenya, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda and Zimbabwe. While these 13 countries are the prime focus due to their active tech and startup ecosystems, strong applications from other African countries will also be considered.
Selected startups will receive between $50,000 and $100,000 non-dilutive cash awards and up to $200,000 per startup in Google Cloud credits, support in the form of training, and access to a network of mentors to assist in tackling the challenges unique to each startup. Applications will close on May 31, 2022 and the winners will be announced on July 29, 2022.
The following African businesses are eligible for selection for the BFF: Early-stage startups with black founders or diverse founding teams, startups, which are benefiting the black community, operating and headquartered in Africa, startups with a diverse founding team with at least one black founding member; those having a legal presence on the continent and building technology solutions for Africa and the global market; and those who have the growth potential to raise more funding and create jobs.
Head of Startup Ecosystem, SSA, Folarin Aiyegbusi, said: “The Black Founders Fund Africa demonstrates our commitment to supporting innovation in underserved areas. Black-led tech startups face an unfair venture capital funding environment and that is why we are committed to helping them thrive, grow to be better and ensure the success of communities and economies in our region. The fund will provide cash awards and hands-on support to 60 Black-led startups in Africa, which we hope will aid in developing affordable solutions to fundamental challenges affecting those at the base of the socio-economic pyramid in Africa.”
The Google for Startups Black Founders fund was launched in the wake of the 2020 Black Lives Matter movement as part of Google’s racial equality commitments. The initiative is a pledge toward driving economic opportunity for Black business owners.
The BFF provides support to startups in the region in the form of equity-free cash assistance that helps them take care of immediate needs such as paying staff, funding inventory, and maintaining software licenses.
“We are hopeful that the support received by the black founders will enable them to grow their business and in turn drive economic growth in Africa as they create solutions and give back to their communities”, Aiyegusi stated.
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