Google has selected 60 black-founded startups across Africa for the second cohort of its Black Founders Fund, providing a total of $4 million in non-dilutive funding and support.
Each startup will receive between $50,000 and $100,000 in awards, up to $200,000 in Google Cloud credit, and access to a 6-month training programme with mentors, workshops, and community-building sessions.
Addressing the funding gap
“Africa is a diverse continent with massive opportunity but the continent is faced with the challenge of limited diversity in venture capital funding flow,” Folarin Aiyegbusi, Head of Startup Ecosystem for Sub-Saharan Africa at Google, said. “We hope that the Black Founders Fund programme will be able to bridge the gap of disproportionate funding between expat startups over local and black-led companies.”
Since its launch in April 2012, the Google for Startups programme has helped create over 4,600 jobs and raise more than $290 million in funding across its portfolio.
Alumni perspective
“Programmes like the Black Founders Fund enhance the African ecosystem, where we currently have gaps in funding and infrastructure,” Abimbola Adebakin, CEO of MyMedicines and alumni of the 2021 cohort, said. “Google getting involved and throwing its might behind thriving entrepreneurs in Africa is a beautiful thing.”
Leave a Reply