Nigeria: 10 Nigerians, 15 Other African Startups Get $4m Google Fund

21 June 2023
Daily Trust (Abuja)

Ten Nigerians have been selected alongside 15 other African Startups to receive $4m Google for Startups' Black Founders Fund (BFF).

Of the 25 African startups selected, 72percent are led or co-founded by women, highlighting the role women play in shaping Africa's startup ecosystem.

Each of the selected startup will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, Ad support, 1:1 mentoring by industry experts and invaluable connections within Google's network.

The Black Founders Fund, now in its third year, aims to help tackle systemic racial inequality in Venture Capital (VC) funding by providing equity-free grants and mentoring to early stage Black-led high-growth businesses across Europe and Africa.

According to Google, the funding will provide the businesses with the capital needed to take their ventures to the next level and expand to new markets, supercharging economic opportunities and job creation.

Nigerian startups selected are: Akoma Health: Tech platform for accessible, culturally conscious mental health services in Africa; Evolve Credit: SaaS for digitising and managing banking services; Fez Delivery: Last-mile logistics platform for various industries; Herconomy: Female-focused fintech aiming to be Africa's first women's bank; MDaaS Global: Tech-powered diagnostic centres for affordable healthcare.

Others are: My Pocket Counsel: Legal tech platform for contract generation and management; Orda: Pan-African neobank for restaurants, offering cloud-based software; Periculum: Data company aiding in credit assessment, fraud/churn risk; Raenest: Fintech offering global financial services to freelancers/startups in Africa; TruQ: Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.

Head of Startups Ecosystem, Africa at Google, Folarin Aiyegbusi, in a statement said that Startups play a major role in advancing Africa's digital transformation; adding that the early-stage investment is essential for the success of startups and the African startup ecosystem as a whole.

"We look forward to working 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," Aiyegbusi said.

The Black Founders Fund has since its inception facilitated over $205million in investor conversations, representing a 12-fold increase.

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