Google’s Black Founders Fund continues to address systemic racism in venture capital funding each year.
The third fund invests $4 million in Black-led, early-stage, high-growth enterprises in Africa and Europe. 40 startups are diverse this year.
This year’s 25 African firms are 72% led or co-founded by women.
Diversity is shown in the Black Founders Fund selection. The fact that it has 25 African startups and many women-led startups indicates its commitment to making the startup environment more inclusive. In fact, last year’s programme provided men and women equal amounts of money, proving that Google is still helping women entrepreneurs gain funding.
Read also: Google invests in 15 women-led companies
Nigerian Startups Rule
Google remains dedicated to African entrepreneurs while purposely decreasing its 2023 cohort from 60 to 40 participants.
Nigerian startups, which led last year’s cohort with 23 slots, top this year’s with 10. Kenyan and South African startups, with five and three enterprises, follow. Uganda, Ghana, Senegal, Cote d’Ivoire, and Rwanda’s startups round out the 2023 list.
Google’s $50,000–$100,000 equity-free grants will change selected enterprises. Finance, logistics, and healthcare outperform food, construction, and legal services. Funding helps these enterprises expand, create jobs, and digitise Africa.
Google will aid each firm. Up to $150,000 in non-dilutive monetary awards, $200,000 in Google Cloud credits, advertising support, coaching from industry experts, and access to Google’s enormous network are included. The selected entrepreneurs receive full support to thrive in their businesses.
Google’s Head of Startups Ecosystem, Africa, Folarin Aiyegbusi, said, “Startups play a major role in advancing Africa’s digital transformation. We’re thrilled to work with these smart innovators to solve Africa’s toughest problems using technology. The Google for Startups Black Founders Fund provides Black founders with resources to overcome the VC financing disparity.
5000 African Entrepreneurs Graduate From Google Hustle Academy
The Black Founders Fund 2023 cohort
Akoma Health (Nigeria) is a tech platform for easy-to-access mental health services that take African culture into account.
BezoMoney (Ghana) is mobile and web-based digital banking for people in Africa who don’t have bank accounts.
Chargel is a digital trucking platform in Senegal that connects customers and carriers in French-speaking West Africa.
Charis UAS (Rwanda): Provides 3D satellite data via drone technology.
Evolve Credit (Nigeria): SaaS for putting banking services online and controlling them.
Excel At Uni (South Africa): Provides internet services to help students get money.
EzyAgric (Uganda) is a mobile app that uses AI to improve farming in Africa.
Fez Delivery (Nigeria) is a logistics platform for the last mile for many different businesses.
Fleetsimplify (Kenya) is a platform for making money that brings together gig drivers and car owners.
HealthDart is a digital HMO in South Africa that offers full-service health insurance.
Herconomy (Nigeria) is a female-focused fintech company that wants to be the first bank for women in Africa.
Jumba (Kenya): Using a B2B platform to improve the building supply chain in Kenya
MDaaS Global (Nigeria): Diagnostic centres that use technology to provide cheap health care
Nigeria’s My Pocket Counsel is a legal tech tool for making and managing contracts.
Orda is a pan-African neobank for businesses that uses cloud-based software. It is based in Nigeria.
Periculum (Nigeria): A data company that helps evaluate credit, fraud, and loss risk.
Raenest (Nigeria): Fintech gives freelancers and new businesses in Africa access to global banking services.
Ridelink (Uganda) is an e-logistics tool that lets you ship things and track them in real time.
Susu (Côte d’Ivoire) is a health platform that provides health services and insurance. The African diaspora pays for these services and insurance.
Talamus Health (Ghana) offers tech tools to help improve healthcare in Africa.
TruQ (Nigeria): Connecting third-party vehicles to improve operations in the middle mile across Africa
Tushop (Kenya) is a tech website for buying everyday items in Kenya as a group.
Uzapoint (Kenya) is a mobile/web POS system that helps digitise bookkeeping in the informal industry of Africa.
South Africa’s Zinacare is an online platform for easy access to cheap health services.
Zydii (Kenya): Digital training options for African SMEs that are tailored to their needs