Google’s Head of Start-up Ecosystem, Africa, Mr Folarin Aiyegbusi has revealed that the company aims to fund 60 African Start-ups with a total of $4 Million. He made the statement during the opening of applications for Google for Start-up Black Founders Fund for Africa.
Following the success of the first cohort, the implementation is said to commence in the second cohort of Google for Start-up Black Founders Fund (BFF).
According to Folarin, Nigeria, Botswana, Cameroon, Côte d’Ivoire, Ghana, Ethiopia, Kenya, Rwanda, Senegal, South Africa, Tanzania, Uganda, and Zimbabwe are all eligible for FF Africa.
While the 13 countries were given priority because of their active tech and start-up ecosystems, he noted that good submissions from other African countries will also be evaluated.
Furthermore, Folarin explained that start-ups that assist the Black community and are based in Africa, as well as those with a diverse founding team, including at least one Black founder, were all considered.
“The Black Founders Fund Africa demonstrates our commitment to supporting innovations in underserved areas.
“Black-led tech start-ups face an unfair venture capital funding environment; that is why we are committed to helping them thrive 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 start-ups 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.
“We are hopeful that the support received by the Black founders will enable them to grow their businesses and, in turn, drive economic growth in Africa as they create solutions and give back to their communities,” he said.
Google for Start-ups Black Founders Fund was launched in the wake of the 2020 Black Lives Matter movement as part of Google’s racial equality commitment.