Google has started receiving applications for the third cohort of the Black Founders Fund for startups in Africa and Europe. It also revealed that $4 million will be given as support to eligible black-founded startups.
To qualify for the fund, your startup must be operating and headquartered in Africa. Also, your startup must have a legal presence on the continent. It must also be of benefit to the black community.
For early-stage startups, one of the criteria includes having black founders or diverse founding teams. Basically, startups looking to apply for the fund must have the growth potential to raise more funding, create jobs and be building for Africa and the global market.
Speaking on the initiative, the Head of Startup Ecosystem, Google Sub Saharan Africa, Folarin Aiyegbusi noted that startups are drivers of innovation, economic growth and social progress, especially in Africa.
Aiyegbusi said, “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.” She further encouraged all eligible startups to apply for the fund. Application for the third cohort will close on 26 March 2023.
Benefits of Google’s Black Founders Startups Fund
Startups selected for the fund will receive $150,000 equity-free cash awards. They will also receive up to $200,000 per startup in Google cloud credits.
Other benefits include training support and mentorship that will help startups tackle challenges peculiar to them.
What does Google hope to achieve?
By funding Black founders, Google is promoting job creation and wealth generation in Africa. This is because estimations show that the African Internet economy will have the potential to add $180 Billion to Africa’s GDP by 2025. The first and second cohorts of the Black Founders Fund supported 110 black-owned startups across Africa.
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