Google has opened an application for its 2022 cohort startup funding for black founders in Africa. It has called on interested participants to apply for its 2022 Black founders fund (BFF).
The initiative by Google is to help bridge the gap in fundraising for black startup founders in Africa.
And so this time, it committed $4 million to 60 eligible startup founders in Africa’s fast-growing technological landscape.
According to Google, the initiative is its commitment to supporting innovation in underserved areas.
“Black-led tech startups face an unfair venture capital funding environment, and that is why we are committed to helping them thrive, grow to be better and ensure the success of communities and economies in our region.”, according to Folarin Aiyegbusi, Head of Startup Ecosystem, SSA.
Aiyegbusi said, “The fund will provide cash awards and hands-on support to 60 Black-led startups in Africa, which we hope will aid in developing affordable solutions to fundamental challenges affecting those at the base of the socio-economic pyramid in Africa,”
“We are hopeful that the support received by the black founders will enable them to grow their business and in turn drive economic growth in Africa as they create solutions and give back to their communities,” concluded Aiyegusi.
This year Google has chosen 13 countries to select tech startup founders. Last year, it chose nine countries to select 50 tech startups to qualify for its funding.
Out of the chosen startup from last year, some have raised over $73 million in funds and grown exponentially, creating jobs for more people.
The benefit of the black founders’ funds
Google has said that those black founders selected for its 2022 cohort will benefit the following.
- Founders will connect to the best of Google’s practices, products and people.
- They would have access to mentors to help solve their unique startup challenges.
- Access to the capital of about $100k equity-free cash award. That is no shareholder or having a financial counterpart in the startup.
- They would be able to connect to other founders all over the world.
- Also, founders will get up to $200,000 Google cloud credits.
The requirements to qualify for the funding.
Google has released a list of requirements that would make a person a startup for its funding.
- The startup should be in its early stage with a black founder or a diverse team of founders with at least one black founder.
- It should have its headquarter in Africa in any of the 13 eligible countries Google has chosen for the funding. They include Botswana, Cameroun, Côte D’Ivoire, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, Rwanda, South Africa, Tanzania, Uganda, and Zimbabwe.
- The startups must benefit the community in which they are. That is, create more jobs, build technological solutions for the African market and globally, and must have potential growth to raise more funds.
- Also, the services they will be rendering or are rendering should have compatibility with Google’s products.
However, Google has noted that priority would be given to its Startups Accelerator & Partner program alumni.
Are you a startup in Africa, and you are interested in Goggle’s black founder funds, click on this link to begin applying.
Registration is on until the 31st of May.