Google Announces $4 Million In Funding For Businesses In Europe, Africa

The third cohort of Google's Black Founders Fund (BFF) for entrepreneurs in Africa and Europe is now accepting applications.

This was said in a statement made on Tuesday in Lagos by Folarin Aiyegbusi, Head of Startup Ecosystem, Google, sub-Saharan Africa.

According to Aiyegbusi, Google will set aside $4 million this year to promote deserving firms started by people of colour.

He pointed out that the scheme was consistent with its dedication to digital transformation and assistance for companies with black founders.

Startups with operations and headquarters in Africa or with a recognised presence there, according to Aiyegbusi, are eligible to apply for the BFF.

According to him, applications should come from early-stage businesses with black founders or diverse founding teams that are helping the black community.

Startups, according to Aiyegbusi, should be developing for the African and worldwide markets and possess the expansion potential to attract additional capital and generate employment.

He said chosen firms will get between $150,000 and $200,000 equity-free cash prizes, each startup, in Google Cloud credits, support in the form of training, and access to a network of mentors to help with overcoming the difficulties particular to each startup.

“Startups are critical driver of innovation, economic growth and social progress especially in Africa and the support that the selected startups will receive will go a long way to unlock the potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs.

"We encourage all eligible startups to apply following the successful completion of two cohorts of the BFF, the programme has supported a total of 110 black-owned startups across Africa,’’ he said.

According to him, 60 growth-stage firms were chosen and supported under the project throughout Africa last year.

One in three Africans are expected to be under 35 by 2050, according to Aiyegbusi, who noted that the continent has a burgeoning population.

He said that the continent offers enormous opportunities for companies to offer cutting-edge solutions for the expanding market.

He added the anticipation is that by 2025, the African internet economy will have the ability to increase the continent's gross domestic product by up to $180 billion.

He stated that by supporting the BFF, Google is fostering economic growth and job creation across the continent.

He noted that in addition to cash, the BFF programme for startups offers founders access to resources, contacts, and hands-on support that will enable them to create solutions that are pertinent to the African economy.

Aiyegbusi also revealed that the third cohort's application period will end on March 26, 2023. Startups interested in applying should visit https://goo.gle/ApplyforBFFAfrica.