Google has launched a US$3 million Black Founders Fund for African startups and a US$3 million Google.org grant to help low-income communities develop entrepreneurial skills and funding, which will help Black founders grow their businesses not only by providing capital but also by providing access to the best of Google resources.
The Google for Startups Black Founders Fund Africa provides grants and technical assistance to early-stage startups led by black and diverse teams, or with a goal of advancing the Black community.
This US$3 million non-dilutive fund will be allocated across a pipeline of 50 investable startups in Africa, with each firm receiving up to US$100,000 in cash awards. Each selected company will also receive US$220,000 in Google Cloud Credits and Ad Grants, as well as mentoring, technical, and scaling assistance from the best of Google. The equity-free fund is available to entrepreneurs developing for Africa, on the continent.
Google has partnered with the Co-Creation Hub, a Google for Startups partner and leading tech community hub with a presence in Nigeria, Kenya, and Rwanda, to distribute the funding to the 50 selected companies across Africa.
Google.org is equally giving US$3 million to the Tony Elumelu Foundation, who through their annual entrepreneurship program will provide entrepreneurship training, mentorship, coaching, and access to networks and key markets for at least 5000 women, as well as seed capital in the form of one-time cash grants to 500 African female informal business-owners in rural and low-income communities across Nigeria, South Africa, Kenya and select Francophone countries.
Applications for Black Founders Fund Africa are now open until July 7th and eligible startups can visit goo.gle/BFFAfrica now to apply.