Google has announced the opening of applications for the third cohort of the Black Founders Fund for Startups in Africa and Europe, in line with its commitment to digital transformation and supporting black-founded startups.
Google announced this year that it will invest $4 million in eligible black-founded startups.
This will allow startups that are operational and have their headquarters in Africa or a legal presence on the Dark Continent to apply for the Black Founders Fund.
Other eligibility requirements for startups that want to apply include the business benefiting the black community or having black founders or different founding teams. The startups should be building for Africa and the global market, have the potential to raise more funding, create jobs, and make a measurable impact in general.
Following selection, the startups will receive up to $150,000 in equity-free cash awards and up to $200,000 in Google Cloud credits, as well as training and access to a network of mentors to help them tackle the challenges that are unique to each startup. Applications for the third cohort will be accepted until March 26, 2023.
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Speaking on this, Head of Startup Ecosystem, Google Sub-Saharan Africa, Folarin Aiyegbusi, said, “Startups are a critical driver of innovation, economic growth and social progress, especially in Africa and the support that the selected startups will receive will go a long way to unlock the potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs. We encourage all qualified startups to apply.
“Following the successful completion of two cohorts of the Black Founders Fund, the program has supported a total of 110 black-owned startups across Africa. Last year, 60 African growth-stage startups were selected and supported by the program.
“Africa has a growing population with 1 in 3 Africans estimated to be under 35 by 2050. The continent provides a tremendous opportunity for startups to provide innovative solutions to a growing market. It is also estimated that by 2025, the African Internet economy will be worth $180 billion to Africa’s GDP.
“By funding Black founders, Google is promoting job creation and wealth generation in the continent. The Black Founders Fund startup program not only provides funding but also hands-on support, connections, and resources to assist founders in developing solutions that are relevant to the African economy.”
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