• Latest
  • Trending
Google-backed African startups raise $266 million in investment

Google-backed African startups raise $266 million in investment

July 20, 2024
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Alibaba, Nvidia collaborate to expedite humanoid robot development

Alibaba, Nvidia collaborate to expedite humanoid robot development

September 25, 2025
OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business Startups

Google-backed African startups raise $266 million in investment

Oluwatosin Adeyemi by Oluwatosin Adeyemi
July 20, 2024
140 10
0
Google-backed African startups raise $266 million in investment
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Startups in Africa, supported by the Google for Startups Black Founders Fund, have secured $266 million in venture capital over the past three years.

This was revealed in a report by Google for Startups and Notion Capital, which measured the impacts of the Google initiative in Africa and Europe.

The programme, which raised an additional $91 million, has assisted companies in Europe and Black entrepreneurs who have long faced obstacles in obtaining resources and finance. Together with the $100,000 seed money, these firms have raised $379 million.

Read also: Zoho joins with She Code Africa to Empower and Upskill Women Through Specialised Training on Zoho Creator

RelatedPosts

Google partners with crypto giants on AI payments upgrade

Google’s new Windows app adds a Spotlight-like search

Google ordered to pay $425 million to 98 million users over privacy violations

Impact made by Google’s Black Founders Fund 

The Black Founders Fund was founded in 2021 and has since helped 220 businesses in Europe and Africa, of which 135 are in Europe and 85 are in Africa.

According to the report, The Black Founders Fund significantly impacts employment development. The fund-supported startups have had significant job growth, employing over 6,000 people in total. Compared to 902 jobs in 2021, this is an almost seven-fold growth. In particular, the fund-backed African businesses presently employ 4,059 people, more than four times the 1,050 workers they had in 2021.

The survey also showed that during three years, the average growth rate of companies funded by the Black Founders Fund was 61% faster than that of their counterparts at similar growth phases.

Discrepancies: Black-led startups receive less funding 

However, it drew attention to a substantial funding shortfall for Black founders on both continents. Compared to their white counterparts, black-driven companies in Europe and Africa have a significantly lower chance of getting funded, which has led to an investment gap of $4.2 billion in Europe and roughly $10 billion in Africa. The amount of money invested in Black-led tech companies in these regions since 2000 has been a meagre $2.5 billion, or 0.51% of all startup investments.

Read also: Google Prepares Biggest Acquisition for Cloud Cybersecurity Startup

The report suggested that to overcome these discrepancies, legislators and startup stakeholders work together to support laws encouraging diversity in the IT industry and removing structural obstacles that Black founders must overcome.

To promote a more inclusive investment climate, it also urged educational initiatives targeted at investors to increase awareness of the prejudices and difficulties faced by minority entrepreneurs. It was also stressed that community-building projects should be strengthened to establish a network that allows Black entrepreneurs to work together, exchange experiences, and collaborate.

Selected firms can still receive equity-free cash prizes of $100,000 from the Google Black Founders Fund and up to $200,000 in Google Cloud credits. To help their growth, recipients also receive access to Google Cloud services, continuous mentorship, and product support.

Twenty-three Nigerian firms were chosen in 2022 to be part of the 60 African startups chosen for the program’s second cohort. Notable names from the continent, such as Eden Life, Estate Intel, Healthtracka, Haul247, and Flexfinance, demonstrate the fund’s impact and reach.

Tags: GoogleNotion Capital
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.