NAIROBI, Kenya, March 1 – Google has opened applications for the third cohort of black founders fund for startups in Africa and Europe.
The San Francisco-based company has committed Sh510.4 million ($4 million) for them.
Selection criteria will focus on firms based on the continent with black founders as well as firms serving black people.
Upon selection, the startups will get up to Sh19.14 million ($150,000) in equity-free cash awards and up to Sh25.5 million ($200,000) in Google Cloud Platform credits.
Others include training and access to a network of mentors to assist in tackling the challenges unique to each startup.
“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 along with way to unlock the potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs, we encourage all eligible startups to apply,” Google sub Saharan Africa Head of startup Ecosystem Folarin Aiyegbusi said.
The program has supported a total of 110 black-owned startups across Africa. 60 growth-stage startups were selected and supported through the program’s last stop in Africa.
Africa has a growing population, with 1 in 3 Africans expected to be under 35 by 2050.
The continent presents a huge opportunity for startups to provide innovative solutions for the growing market. It is also estimated that by 2025, the African internet economy will have the potential to add up to $180 billion to Africa’s GDP.
Google is promoting job creation and wealth generation on the continent through funding.
Black founders, the black founders fund program for startups not only provides funding but also hands-on support, connections, and resources to help founders build solutions that are relevant for the African economy.
The applications for the third cohort will close on March 26, 2023.
