Google for Startups (GfS) has announced that 25 African-based startups will receive $4 million in funding.
In its third year, the Black Founders Fund aims to tackle systemic racial inequality in venture capital (VC) funding by providing equity-free grants and mentoring to early-stage black-led high-growth businesses across Europe and Africa.
The selected cohort of 40 startups from Europe and Africa includes 25 African startups, which it says takes into account the diverse entrepreneurial spirit across the African continent.
In Kenya, five start-ups have been selected, with the other regions sharing the remaining 20 slots.
“Startups play a major role in advancing Africa’s digital transformation. We look forward to working with this group of innovative founders who are using technology to solve some of the most pressing challenges in Africa,” said Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google.
Each selected startup will also receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, ad support, one on one mentoring by industry experts and invaluable connections within Google’s network.
Google observes that Africa’s tech has declined in 2023, calling for the need for funding in a bid to sustain their growth and development.
The chosen start-ups have exuded confidence that the funding and support provided by the program will expedite the development of their innovative solutions, enhance support for their valued customers, and expand their presence on an international scale.
Since its inception, the Black Founders Fund has facilitated over $205 million in investor conversations, representing a 12-fold increase.
