Google has announced the selection of 60 African startups for its Google for Startups Black Founders Fund (BFF). The startups chosen for the second cohort will receive a total of $4 million in funding and support to help them scale up their current work.
There are 12 Kenyan startups on the list, with Nigeria having the most beneficiaries with 23. South Africa, Uganda, Botswana, Rwanda, Ghana, Ethiopia, and Senegal are also included.
“Africa is a diverse continent with enormous opportunity, but the continent is challenged by a lack of diversity in venture capital funding flow.” We hope that the Black Founders Fund program will be able to close the funding gap between expat startups and local and black-led businesses,” says Folarin Aiyegbusi, Head of Startup Ecosystem at Google Africa.
The Google for Startups program was launched in 2012 and is said to have created 4,600 jobs and raised more than $290 million in funding.
The startups chosen to participate in the program will gain access to Google’s products, connections, and best practices, giving founders an advantage as they develop better products and services for the African economy.
“The equity-free cash assistance provided to startups will allow them to meet immediate needs such as paying employees, funding inventory, and maintaining software licenses.” “This is to help grantees cushion the cost of taking on debt in the early stages of their business, as many do not yet have consistent revenue streams,” Aiyegbusi explained.
The grantees for 2022 are 50% female-led startups, up from 40% last year.
Each selected startup will receive $100,000 in funding, as well as an additional $200K in Google Cloud Credits, as well as access to the best of Google—people, products, and practices.