News
Johnstone Kpilaakaa
May 18, 2022
2 min
Google for Startups has opened applications for the second cohort of the Black Founders Fund for Africa.
Black Founders Fund
Google for Startups has opened applications for the second cohort of the Black Founders Fund for Africa.
Google for Startups is committing $4 million to 60 eligible black-founded startups across Africa for this cohort.
Folarin Aiyegbusi, Head of Startup Ecosystem, SSA 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,” Aiyegbusi said.
Last year, Google selected 50 tech startups drawn from 9 African countries namely; Nigeria, Kenya, South Africa, Ghana, Ethiopia, Cameroon, Rwanda, Zambia and Cote d’Ivoire. “Since then, the selected startups have gone on to raise $73M+ in follow-on funding, hired more staff, and grown their revenues,” Google stated.
Nigerian startups dominate Google’s Black Founders Fund for Africa
Nigeria top the list of African startups selected for the Google for Startups Black Founders Fund — part of a $175m long-term commitment toward economic opportunity for Black business owners.
Who should apply?
The application eligibility criteria require the following: Early-stage startups with black founders or diverse founding teams, startups that 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.
“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,” concluded Aiyegusi.
The non-dilutive $4 million fund will be allocated across a pipeline of 60 investable black-founded startups in Africa. According to details provided by Google, priority will be given to Google for Startups Accelerator & Partner program alumni.
What will you benefit from BFF if selected?Non-dilutive (equity-free) cash awards of up to $100,000 per startupUp to $200,000 in Google Cloud creditsAccess to a network of mentors to help tackle each startup’s unique challengesAccess to the best of Google – people, products, and best practices
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Equity-free means there is no shareholding or financial counterpart of any kind. Google won’t be part of your startup’s corporate structure or have any kind of financial return on the investment.
Applications are open now until May 31st. You can apply here.
