Google has selected 60 Startups from the African Continent for the second cohort of the Google for Startups Black Founders fund for Africa. The programme has a funding of $4m.
The global corporation said this on Tuesday during the winner announcement of the Google for Startups Black Founders Fund 2022 in Abuja.
The Multi-Billion Dollar Corporation disclosed that Nigeria is dominating the selection list, which features 23 Nigerian startups.
Other countries benefitting from this funding programme include Kenya, with 12 startups getting investments. Rwanda with six. South Africa had five startups that received grantees, and Uganda had a total of four grantees, among others.
Google stated that each of the selected startups would get support through a six-month training programme with access to a network of mentors who would assist them in tackling a number of unique challenges.
In addition to being part of tailored workshops, support networks and community-building sessions, the 60 startup owners will also get non-dilutive awards of $50,000 and $100,000 and up to $200,000 in Google Cloud credit.
Further, the fund will be distributed through Google’s implementation partner, CcHUB.
Head of the Startup Ecosystem, Sub-Saharan Africa, Folarin Aiyegbusi spoke at the winner announcement event; He noted, “Africa is a diverse continent with a massive opportunity.” However, he pointed out that the continent presented with a challenge of limited diversity in venture capital funding flow.”
He stated We hope that the Black Founders Fund program will be able to bridge the gap of disproportionate funding between ex-pat startups over local and black-led companies.”
Director General, National Information Technology Development Agency, Kashifu Inuwa, also spoke at the event. He talked about the Nigeria Startup Bill, which was recently passed by the national assembly. He said this bill would help institutionalise the legal framework, which will enhance startup growth in Nigeria.