25 African startups have been chosen by Google For Startups (GFS) for the 4 million dollars Black Founder Fund. 10 of these startups come from Nigeria.
The startups from Nigeria are Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa; Evolve Credit (Nigeria): SaaS for digitizing and managing banking services; Fez Delivery (Nigeria): Last-mile logistics platform for various industries; Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank and MDaaS Global (Nigeria): Tech-powered diagnostic centers for affordable healthcare.
The other startups are: My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management; Orda (Nigeria): A pan-African neobank for restaurants, offering cloud-based software; Periculum (Nigeria): A data company aiding in credit assessment, fraud/churn risk; Raenest (Nigeria): Fintech offering global financial services to freelancers/startups in Africa and TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.
The cash will be disbursed such that each startup receives a maximum of 150 thousand dollars in non-dilutive cash awards, a maximum of 200,000 thousand dollars in Google Cloud credits, Ad support, 1:1 mentoring by industry professionals, and crucial connectivity within Google’s network.
Currently in its third year, the Black Founders Fund plans to challenge inherent racial disparity in venture capital (VC) funding. They are planning to make available allocations free of charge and include coaching in order to have an advanced understanding of Black-led profitable business opportunities in Europe and Africa.
The grant aims to give startups the necessary funds to upgrade their business and grow globally. This will create avenues for more commercial activities.
Mr. Folarin Aiyegbusi who is the head of Startups Ecosystem, Africa at Google said in the media that, the digital age we are experiencing is due to startups. He further went on to say, “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.”
Cathy Chepkemboi who is the founder of Tushop, revealed that “At Tushop, our passion lies in leveraging technology to empower Kenyan consumers and increase their buying power. Our ultimate ambition is to transform the way daily essentials and FMCG products are accessed, enabling individuals to save significantly. With the support of Google for Startups, we are one step closer to realizing our goal of positively impacting the lives of millions of consumers in Kenya and beyond.”
Another recipient of the grant and founder of HealthDart, Njabulo Skhosana, said their goal is to enable victims to avail themselves of discounted and prompt answers for elementary health issues through their advanced methodology. Through the incorporation of pharmacy, telemedicine, and insurance with consistent payment choices, we guarantee extensive discounted elementary healthcare. The aid Google for Startups had given, provides them the ability to boost their framework, thereby allowing more people to discover the most productive and structured healthcare plans.
In order to create a productive and profitable community of start-up businesses in Africa, advance funding is imperative. It is also very important if the continent aims at becoming a worldwide tech leader. With the notable reduction in grants in the African tech industry, this year, startups in the continent require these grants to maintain going concern and creativity for Africa.
Since it started, the Black Founders Fund has organized about 205 million dollars in investor discussions, marking a 12-fold increase. This represents a notable growth amongst the engaging startups, as the monthly sum of the recurring income is now beating the 6.1 million dollar mark which is a 7% growth.
