Google has announced that applications for the second batch of the Google for Startup Black Founders Fund (BFF) for Africa are now being accepted. This news comes on the heels of the tremendous success of the first cohort.
50 start-ups were granted equity-free funding in October and this year, Google will provide an additional million dollars in financing and assistance for 10 more startups. There will be a total investment of $4 million distributed among sixty black-founded businesses that are eligible across Africa.
The Eligible Participants
Start-up companies in Botswana, Cameroon, the Ivory Coast, Ghana, Ethiopia, Kenya, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, and Zimbabwe who match the requirements for participation in the Black Founders Fund Africa will be eligible for funding from the organization.
Although the following 13 nations are the major emphasis due to the thriving tech and startup ecosystems in each of them, exceptional contributions from other African countries will also be taken into consideration.
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“The Google’s Black Founders Fund Africa demonstrates our commitment to supporting innovation in underserved areas. Black-led tech startups face an unfair venture capital funding environment and that is why we are committed to helping them thrive, grow to be better and ensure the success of communities and economies in our region.
The fund will provide cash awards and hands-on support to 60 Black-led startups in Africa, which we hope will aid in developing affordable solutions to fundamental challenges affecting those at the base of the socio-economic pyramid in Africa,” said Folarin Aiyegbusi, head of the startup ecosystem for Sub-Saharan Africa at Google.
What The Awarded Participants Will Benefit From Google’s Black Founders Fund
Selected startups will receive non-dilutive cash awards ranging from US$50,000 to US$100,000, as well as up to US$200,000 in Google Cloud credits per startup, as well as support in the form of training and access to a network of mentors to assist in overcoming the challenges that are specific to each startup. The deadline for applications is May 31, and a winner will be selected and announced on July 29.
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“We are confident that the support provided to the black founders will enable them to expand their businesses and, as a result, generate economic growth in Africa as they find solutions and give back to their communities,” Aiyegusi remarked