Google has announced the opening of applications for the third cohort of its Black Founders Fund (BFF) aimed at supporting startups in Africa and Europe. This information was shared by Folarin Aiyegbusi, Head of Startup Ecosystem at Google for sub-Saharan Africa, during a statement made on Tuesday in Lagos. Aiyegbusi revealed that the technology company would allocate four million dollars this year to support eligible black-founded startups.
The program aligns with Google’s commitment to digital transformation and the support of black-founded startups. Aiyegbusi explained that startups operating and headquartered in Africa, or those with a legal presence on the continent, are eligible to apply for the BFF. He emphasized that applicants should either benefit the black community or be early-stage startups with black founders or diverse founding teams. Furthermore, he noted that these startups should focus on building solutions for both the African and global markets, possess the potential for growth, and aim to raise additional funding while creating jobs.
Selected startups will receive equity-free cash awards ranging from $150,000 to $200,000, along with Google Cloud credits. Additionally, they will benefit from training and access to a network of mentors to help address the unique challenges faced by each startup. Aiyegbusi highlighted the critical role of startups in driving innovation, economic growth, and social progress, particularly in Africa. He stated that the support provided to the selected startups would significantly contribute to unlocking potential and fostering growth within the African tech ecosystem, as well as nurturing the next generation of African tech entrepreneurs.
He encouraged all eligible startups to apply, noting that the BFF program has successfully completed two cohorts, supporting a total of 110 black-owned startups across Africa. Last year alone, 60 growth-stage startups were selected and supported through the program. Aiyegbusi also pointed out that Africa has a rapidly growing population, with projections indicating that one in three Africans will be under the age of 35 by 2050.
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