According to Google, “Each selected startup will receive $150,000 in non-dilutive cash awards, up to $200,000 in Google cloud credits, advert support, one on one mentoring by industry experts and invaluable connections within Google’s network.
It said the initiative, which was in its third year, was designed to help tackle systemic racial inequality in venture capital funding by providing equity-free grants and mentoring to early stage Black-led high-growth businesses across Europe and Africa.
Google said: “This is crucial for Africa to become a global tech leader and the selected cohort of 40 startups from Europe and Africa, includes 25 African startups that embody the diverse entrepreneurial spirit across the African continent.
“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.
Head of Startups Ecosystem, Africa at Google, Folarin Aiyegbusi, said: “Startups play a major role in advancing Africa’s digital transformation.”
”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.”
One of the beneficiaries of the fund, Ifedayo Durosinmi-Etti, who is the founder of Herconomy, said: “At Herconomy, we are on a mission to reimagine the financial landscape for women in Africa. Being chosen for the prestigious 2023 Black Founders Fund will fuel our revolutionary vision and accelerate our progress.
“With the funding and support provided by the program, we will expedite the development of our innovative solutions, enhance support for our valued customers, and expand our presence on an international scale,” she said.