GOOGLE has announced the recipients of its annual Black Founders Fund, providing equity-free grants and mentoring to early-stage, Black-led businesses in Africa and Europe. This year, 25 African startups have been selected out of a diverse cohort of 40 startups, with 72 percent of them being led or co-founded by women. The initiative aims to address systemic racial inequality in venture capital funding by supporting high-growth businesses and promoting gender equity.
In comparison to the previous year, Google has reduced the number of beneficiaries from 60 to 40, resulting in a decrease in the number of African startups. Nigerian startups, which dominated the 2022 cohort with 23 spots, now account for 10 of the selected startups. Kenyan and South African startups follow with five and three representations, respectively. The remaining startups on the list hail from Uganda, Ghana, Senegal, Cote d’Ivoire, and Rwanda.
Google’s equity-free grants range from $50,000 to $100,000 and cover various sectors such as fintech, logistics, healthcare, food, construction, and legal services. The funding will empower these startups to expand into new markets and drive job creation. Additionally, each selected startup will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, advertising support, mentoring from industry experts, and connections within Google’s network.
Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google, expressed the importance of startups in Africa’s digital transformation and the commitment of the Google for Startups Black Founders Fund to address the inequality in VC funding. Aiyegbusi stated, ‘The Google for Startups Black Founders Fund is committed to addressing the stark inequality in VC funding by providing Black founders with the resources and support they need to succeed.’
Among the notable startups in the 2023 cohort are Akoma Health from Nigeria, offering accessible mental health services; BezoMoney from Ghana, providing digital banking for the underbanked; Chargel from Senegal, connecting shippers and carriers in Francophone West Africa; and Charis UAS from Rwanda, offering 3D geospatial data through drone technology. The list includes various other startups from Nigeria, South Africa, Kenya, Uganda, Ghana, Cote d’Ivoire, and more, each with a unique focus on solving pressing challenges in their respective sectors.
The Google for Startups Black Founders Fund continues to make a significant impact on empowering Black-led startups and promoting gender equity in Africa’s entrepreneurial ecosystem.
