Google Opens Application for 3rd Black Founders Fund in Africa and Europe

Google has opened applications for the third cohort of black founder’s funds for startups in Africa and Europe.

The San Francisco-based firm has pledged to pay them Sh510.4 million ($4 million).

The selection process will emphasize companies with African-American founders and companies that provide services to African-Americans.

Following selection, the firms will receive up to Sh25.5 million ($200,000) in Google Cloud Platform credits and up to Sh19.14 million ($150,000) in equity-free cash prizes.

Others include education and access to a mentor network to help overcome the difficulties particular to each firm.

“Startups are a critical driver of innovation, economic growth, and social progress especially in Africa and the support that the selected startups will receive will go along with way to unlock the potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs, we encourage all eligible startups to apply,” Google sub-Saharan Africa Head of startup Ecosystem Folarin Aiyegbusi said.

A total of 110 black-owned startups have received help from the initiative in Africa. The program’s final stop in Africa chose and sponsored 60 growth-stage firms.

Africa’s population is expanding, and by 2050, 1 in 3 Africans will be under the age of 35.

Startups have fantastic potential on the continent to supply cutting-edge solutions for the expanding market. Additionally, it is predicted that by 2025, the African internet economy will have the ability to increase the continent’s GDP by up to $180 billion.

With investment, Google is fostering the creation of jobs and income across the continent.

Black entrepreneurs, the black founder’s fund program for startups offer funding as well as practical assistance, business connections, and resources to assist founders in creating solutions that are pertinent to the African economy.

The third cohort’s application period will end on March 26, 2023.