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Google Commits $4m for Black Founders Fund in Africa, Europe

Google has announced the opening of applications for the third cohort of its Black Founders Fund for Startups in Africa and Europe. As part of…

Google has announced the opening of applications for the third cohort of its Black Founders Fund for Startups in Africa and Europe.

As part of its commitment to digital transformation and support for black-founded startups, the tech giant has pledged $4million to support eligible black-founded startups in the two continents this year.

Startups operating and headquartered in Africa or with a legal presence on the continent are eligible to apply for the Black Founders Fund.

In a statement, Google said to be eligible for funding, startups must benefit the black community, have black founders or diverse founding teams, and have the potential to raise more funding, create jobs, and make a measurable impact.

Selected startups will receive up to $150,000 in equity-free cash awards and up to $200,000 in Google Cloud credits, as well as training and access to a network of mentors to help them tackle the unique challenges of their businesses.

Following the successful completion of two cohorts, the Black Founders Fund has supported a total of 110 black-owned startups across Africa, with 60 growth-stage startups selected and supported through the program last year.

According to the Head of Startup Ecosystem, Google Sub Saharan Africa, Folarin Aiyegbusi, startups are critical drivers of innovation, economic growth, and social progress, especially in Africa.

Aiyegbusi explained that the support that the selected startups will receive will unlock potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs as he encouraged all eligible startups to apply on https://goo.gle/ApplyforBFFAfrica before the March 26 deadline.

“With a growing population and a burgeoning middle class, Africa presents a huge opportunity for startups to provide innovative solutions for a rapidly expanding market. By 2025, the African Internet economy is estimated to have the potential to add up to $180 billion to the continent’s GDP. By funding black founders, Google is promoting job creation and wealth generation in Africa.”

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