The Internet is playing a key role in Africa’s economic transition, generating new possibilities and paving the path for economic and social growth. According to a 2020 report, Africa’s Internet economy is expected to contribute nearly $189 billion to the continent’s overall GDP by 2025, rising to $712 billion by 2050.
Between 2020 and 2021, more African companies completed more funding rounds than in any prior year, with transactions rising by almost 50%. While remarkable, this achievement is not translating to the same level of success for Black founders on the continent. Research shows that African founded startups find it difficult to secure financial support, and are faced with insufficient starting capital, a lack of angel investors and more.
Last year Google for Startups Black Founders Fund was announced as part of a series of racial equity commitments to close the funding gap and empower Black entrepreneurs in the US, Brazil and Europe. Given the proven success of the Black Founders Fund around the world, Google is expanding the program with the first $3M Black Founders Fund in Africa.
The programs, which include a $3 million USD Black Founders Fund for African startups and a $3 million USD Google.org grant to help low-income communities develop entrepreneurial skills and funding, will help Black founders grow their businesses not only by providing capital but also by providing access to the best of Google resources. Google is also welcoming 15 companies from across the continent to the sixth class of our Google for Startups Accelerator: Africa program.
Here is the sixth class of Google for Startups Accelerator: Africa
- Angaza Elimu (Kenya): an Education technology startup delivering quality and relevant education on-demand using AI.
- Chekkit (Nigeria): A patented consumer intelligence, engagement & loyalty software-as-a-service for authentication, and tracking and tracing of consumer goods and pharmaceutical products.
- Emergency Response Africa (Nigeria): A healthcare technology startup connecting first responders and verified emergency-ready hospitals to emergency victims.
- Envisionit Deep AI (South Africa): RADIFY is the AI product developed by Envisionit Deep AI that detects and highlights abnormalities across medical diagnostic images.
- GeroCare (Nigeria): A cloud-based hospital that enables individuals to provide regular home medical care for their elderly loved ones.
- Khula! (South Africa): An ecosystem of digital platforms (mobile and web) that exist to make the agricultural value chain more efficient & fair.
- Ndovu (Kenya): A micro-investment platform providing access to financial markets, financial literacy and tools to diversify financial risk.
- Nguvu Health (Nigeria): Preventive and Corrective Tech for mental health
- OneHealth (Nigeria): A digital-first pharmacy and healthcare platform, leveraging technology to provide access to medicines, information and healthcare providers.
- PayWay Ethiopia (Ethiopia): With its fully functional payment technologies, PayWay is digitizing payments in Ethiopia.
- Tabiri Analytics Inc (Rwanda): Comprehensive and automated cybersecurity as a service for enterprises in underserved markets.
- Tendo (Ghana): Tendo enables anyone in Africa to sell online with zero capital investment.
- Third.Design (Tunisia): A software-as-a-service (SaaS) platform that helps individuals easily design 3D immersive experiences.
- Vittas International (Nigeria): A tech-enabled financing platform that extends credit to healthcare SMEs in Nigeria.
- Whoosh (South Africa): A digital payments solution enabling merchants and businesses to expand online.
The Google for Startups Black Founders Fund Africa provides grants and technical assistance to early-stage startups led by black and diverse teams, or with a goal of advancing the Black community. This $3M non-dilutive fund will be allocated across a pipeline of 50 investable startups in Africa, with each firm receiving up to $100,000 in cash awards.
Each selected company will also receive $220,000 in Google Cloud Credits and Ad Grants, as well as mentoring, technical and scaling assistance from the best of Google. The equity-free fund is available to entrepreneurs developing for Africa, on the continent.
Google has partnered with the Co-Creation Hub, a Google for Startups partner and leading tech community hub with a presence in Nigeria, Kenya and Rwanda, to distribute the funding to the 50 selected companies across Africa.
Applications are open from today until July 7th and eligible startups can visit goo.gle/BFFAfrica now to apply.