Google has announced that 60 eligible black-founded startups across Africa have been selected for the second cohort of its Startups Black Founders Fund (BFF) for Africa.
Folarin Aiyegbusi, Head of Startup Ecosystem, SSA, who revealed this at the Launch of the “Google for Startups Black Founders Fund (BFF) 2022 on Tuesday in Abuja said the startups joining the program will receive a total of $4million in funding and support to enable them to scale up their ongoing work.
According to him, each of the selected startups would receive support in the form of a 6 month training programme that includes access to a network of mentors to assist in tackling challenges that are unique to them, adding that they would also be part of tailored workshops, support networks and community building sessions.
He said,”The 60 grantees will also get non-dilutive awards of between $50,000 and $100,000 and up to $200,000 in Google Cloud credit.
“The grantees, made up of 50% women-led businesses, hail from Botswana, Cameroon, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal, South Africa and Uganda. They specialise in sectors such as fintech, healthcare, e-commerce, logistics, agtech, education, hospitality and smart cities. The top five countries with the most startups selected for the program are Nigeria with twenty-three grantees, Kenya with twelve grantees, Rwanda with six grantees, South Africa with five grantees and Uganda with four grantees. Botswana and Senegal have one selected startup each, Cameroon and Ghana both have three grantees each while Ethiopia has two selected grantees.
“Africa is a diverse continent with massive opportunity but the continent is faced with the challenge of limited diversity in venture capital funding flow. We hope that the Black Founders Fund program will be able to bridge the gap of disproportionate funding between expat startups over local and black-led companies.”
Aiyegbusi added,”Launched in April 2012, the Google for Startups program has created over 4,600 jobs and raised more than $290M in funding.
“The Google for Startups Black Founders Fund program will introduce the grantees in Africa to Google’s products, connections, and best practices which will help the founders to level the playing field as they build better products and services that add value to the Africa economy.”
He further pointed out that funding for the Google for Startup Black Founders Fund will be distributed through Google’s implementation partner, CcHUB.
“The equity-free cash assistance to startups will enable them to take care of immediate needs such as paying staff, funding inventory, and maintaining software licences. This is to help the grantees buffer the cost of taking on debt in the early stages of their business as many of them do not have steady revenue streams yet”, Aiyegbusi said.
“Programs like the Black Founders Fund enhance the African ecosystem – where we currently have gaps in funding and infrastructure. Google getting involved and throwing its might behind thriving entrepreneurs in Africa is a beautiful thing, and I am very happy that Google has continued the Black Founders Fund in Africa initiative in 2022.” says Abimbola Adebakin , CEO, MyMedicines and alumni of the 2021 BFF program.
In his remark, the DIrector General, National Information Technology Development Agency, NITDA, Inuwa Kashifu noted that funding is one of the biggest challenge facing the digital ecosystem in Nigeria, and Africa at large
He therefore said that the Black Founders Funds for Africa was a platform that is an opportunity to provide early stage funding that would help startups to turn their ideas into products.
He said,”This is an opportunity to provide early stage funding that will help our startups with good ideas to turn those ideas into products and services. With early stage funding. It means you can develop your prototype, you can do a proof of concept, and you can have a product to pitch and take it to the market.
“Google has been able to actually make this formula what would be the role of the government, is to help continue this kind of initiative.
“The role of the government is to create the enabling environment, and the government has come up with the policies that came up with regulations and laws like the Nigeria startup bill, which has been passed by the National Assembly. Under the bill, there is a provision for seed funding.
“The government also is going to provide a big funding that will complement this kind of initiatives and also make it easier for our startup to access funding to start a business.
“You know, the startup business is different from all the startup investment and funding is different from the conventional funding and investment in the conventional way of funding and investment. You either have to have collateral or you have to have a running business. But startup is a new idea. You are trying to come up with a new idea. You are trying to sell that idea. So you need two things to excel in that you need the invention and you need to have the ability to commercialise because invention is just to come up with the idea, but having the ability to pitch that your idea to someone to invest his money or to pitch your idea to someone to pay money and use that product or service is what we call commercialization.
“So when you have the two, that’s when you achieve innovation, where you can take your idea from inception to impact where you can use your initiatives. To solve real life problem, which we have many in Nigeria and Africa, and that need this kind of startup mindset to solve that.”
Funding Black founders in Africa fuels generational and systemic change. The Google for Startups Black Founders Fund for Africa program reinforces Google’s commitment to empowering entrepreneurs and startups in the region as a vital prerequisite to driving employment and growth on the continent.
The list of the 60 startups that were selected for the second cohort of the Black Founders Fund in Africa, include Agrikool in South Africa, Ajua in Kenya, Awabah in Nigeria, Bailport in Rwanda, Bee in Cameroon, Bookings Africa in Nigeria, Brastorne in Botswana, Built in Ghana, BuuPass in Kenya, Cauri Money in Senegal, Clafiya in Nigeria, ClinicPesa in Uganda, COVA in Cameroon,
CreditAIs in South Africa, DohYangu in Kenya, Easy Matatu in Uganda, Eden Life in Nigeria,
Estate Intel in Nigeria, Eversend in Uganda,
Exuus in Rwanda, Flex Finance in Nigeria, FlexPay in Kenya, Gamr in Nigeria, Garri Logistics in Ethiopia, Haul 247 in Nigeria, Healthlane in Cameroon, Healthtracka in Nigeria, HerVest in Nigeria, Kapsule in Rwanda, Keep IT Cool in Kenya, KUDIGO in Ghana, Kyshi in Nigeria, Leja in Kenya, LifeBank in Nigeria, Mapha in South Africa, and Norebase Nigeria.
Others are OneHealth in Nigeria, PesaChoice in Rwanda, Pindo in Rwanda, Pivo in Nigeria,
QShop in Nigeria, Rekisa in South Africa, Scrapays Inc in Nigeria, Shiip in Nigeria, Solutech in Kenya, Spleet in Nigeria, Stears in Nigeria, Synnefa in Kenya, Technovera in South Africa, TERAWORK in Nigeria, TIBU Health in Kenya, Topset Education in Nigeria, TopUp Mama in Kenya, Wellahealth in Nigeria, Xente in Uganda, Zanifu in Kenya, ZayRide in Ethiopia, Zuberi in Ghana, and Zuri Health in Kenya.
