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Since its inception in 2021, the Google Black Founders Fund has provided support to 60 Nigerian startups. The fund has now reached a total of 150 startups benefiting from $11 million in equity-free funding.
In 2021, Google launched the $3 million Black Founders Fund with the aim of addressing systemic racial inequality in venture capital funding. The fund, now in its third year, offers equity-free grants and mentoring to early-stage black-led businesses across Europe and Africa.
Nitin Gajria, the Managing Director of Google Sub-Saharan Africa, stated, “Google understands that the growth and success of one player in the startup space paves the way for others. This commitment drives our efforts to empower entrepreneurs and startups, contributing to employment, economic growth, and social development on the continent. We are determined to assist black founders in growing their businesses, not just through capital access, but also by providing access to the best resources Google has to offer.”
The number of Nigerian startups benefiting from the fund was 27 in 2021, 23 in 2022, and recently announced as 10 for 2023. These 10 startups were selected as part of a larger cohort of 40 startups from Europe and Africa for the 2023 $4 million Black Founders Fund, with 25 of them being African-based startups.
Google highlighted that 72% of the selected startups were led or co-founded by women. In a statement, it explained, “The funding will provide these businesses with the necessary capital to take their ventures to the next level and expand into new markets, boosting economic opportunities and job creation.”
The significance of early-stage investment for startups and the African startup ecosystem as a whole was emphasized by Google. It stressed the importance of funding to sustain growth and develop innovative solutions for the continent, especially in light of the significant decrease in African tech investment in 2023.
Each selected startup will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, advertising support, 1:1 mentoring by industry experts, and valuable connections within Google’s network.
Among the Nigerian startups selected in 2023 are Akoma Health, Evolve Credit, Fez Delivery, Herconomy, MDaaS Global, My Pocket Counsel, Orda, Periculum, Raenest, and TruQ.
Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google, expressed enthusiasm, saying, “Startups play a major role in advancing Africa’s digital transformation. We are excited to work with this group of innovative founders who are using technology to solve some of the most pressing challenges in Africa. The Google for Startups Black Founders Fund is committed to addressing the stark inequality in VC funding by providing Black founders with the resources and support they need to succeed.”
Ifedayo Durosinmi-Etti, one of the selected founders from Herconomy, shared her excitement, stating, “At Herconomy, we are on a mission to reimagine the financial landscape for women in Africa. Being chosen for the prestigious 2023 Black Founders Fund will fuel our revolutionary vision and accelerate our progress. With the funding and support provided by the program, we will expedite the development of our innovative solutions, enhance support for our valued customers, and expand our presence on an international scale.”
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