Lagos, June 20, 2023 – Google for Startups (GfS) on Tuesday announced the 25 African-based startups selected for this year’s $4 million Black Founders Fund.
The Black Founders Fund, now in its third year, aims to help tackle systemic racial inequality in Venture Capital (VC) funding by providing equity-free grants and mentoring to early-stage Black-led high-growth businesses across Europe and Africa.
The selected cohort of 40 startups from Europe and Africa, includes 25 African startups that embody the diverse entrepreneurial spirit across the African continent.
Startups led or co-founded by women make up 72% of the group, highlighting the role women play in shaping Africa’s startup ecosystem.
The funding will provide the businesses with the capital needed to take their ventures to the next level and expand to new markets, supercharging economic opportunities and job creation.
Early-stage investment is essential for the success of startups and the African startup ecosystem as a whole.
This is crucial for Africa to become a global tech leader. With the significant decrease in African tech investment in 2023, startups in Africa need funds to sustain their growth and develop innovative solutions for the continent.
From accessible healthcare to efficient logistics, to innovative fintech solutions, these startups are harnessing the power of technology to address some of Africa’s most pressing challenges.
HealthDart is elevating healthcare by providing comprehensive services and insurance through its digital platform.
Tushop is reimagining retail with a group-buying platform in Kenya that encourages cost-saving and community engagement.
Herconomy is breaking new ground in the fintech sector with its goal to become Africa’s first women-focused bank.
Each selected startup will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, Ad support, 1:1 mentoring by industry experts and invaluable connections within Google’s network. (GBN)
