Google has opened applications for the third cohort of its Black Founders Fund for African and European startups.
This was announced on Tuesday in Lagos by Folarin Aiyegbusi, Google’s Head of Startup Ecosystem for Sub-Saharan Africa.
He announced that the technology company would allocate $4 million to eligible black-founded startups this year.
According to Aiyegbusi, the program is in line with the company’s commitment to digital transformation and support for black-founded startups.
He revealed that startups based in Africa or with a legal presence on the continent were eligible to apply for the BFF.
He stated that applicants should be early-stage startups with black founders or diverse founding teams that benefit the black community.
According to Aiyegbusi, startups should be building for Africa and the global market, with the potential to raise more funding and create jobs.
According to him, selected startups will receive between $150,000 and $200,000 in equity-free cash awards and Google Cloud credits per startup, as well as training and access to a network of mentors to help them tackle the challenges that are unique to each startup.
“Startups are a critical driver of innovation, economic growth, and social progress, especially in Africa and the support that the selected startups will receive will go a long way to unlock the potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs.
‘Following the successful completion of two cohorts of the BFF, the program has supported a total of 110 black-owned startups across Africa,’ he said.
He stated that 60 African growth-stage startups were selected and supported by the program last year.
According to Aiyegbusi, Africa’s population is growing, with one in every three Africans expected to be under the age of 35 by 2050.
