Google for Startups (GfS) has announced 25 African-based startups selected for this year’s $4 million (Ksh560 million) Black Founders Fund that aims at tackling systemic racial inequality in Venture Capital funding.
The fund seeks to provide funds through its equality free grants and mentoring across the African continent and Europe. The selected cohort of 40 startups from Europe and Africa includes 25 African startups that 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, with the company observing that 72 percent of the selected start-ups are co-founded by women. “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 (Ksh21 million) in non-dilutive cash awards up to $200,000 (Ksh28 million) in Google Cloud credits, Ad support, one on one mentoring by industry experts and invaluable connections within Google’s network. Google observes that Africa 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 as well as expand their presence on an international scale. Since its inception, the Black Founders Fund has facilitated over $205 million (Ksh28 billion) in investor conversations, representing a 12-fold increase.
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