Google Reopens $4m Fund For Startups In Nigeria, Others
Google has announced that applications for the second cohort of its Startup Black Founders Fund for Africa are now open.
According to the firm, it is increasing its commitment to $4m in funding and supporting 10 more founders because of the success of its first cohort.
It added that the Black Founders Fund Africa is open to startups that meet the eligibility criteria in Botswana, Cameroun, Côte d’Ivoire, Ghana, Ethiopia, Kenya, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, and Zimbabwe.
It stated that while these thirteen countries are the prime focus, strong applications from other African countries will also be considered.
In a statement, Head of Startup Ecosystem, SSA, Folarin Aiyegbusi, 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.”
According to the firm, selected startups will receive between $50,000 and $100,000 in non-dilutive cash awards and up to $200,000 per startup in Google Cloud credits, support in the form of training, and access to a network of mentors to assist in tackling the challenges unique to each startup.
It added, “The following African businesses are eligible for selection for the BFF: early-stage startups with black founders or diverse founding teams, startups which 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.”