Google for Startups (GfS) has announced the 25 African-based startups selected for this year’s $ 4 million Black Founders Fund.
The selected cohort is made up of 40 startups from Europe and Africa, including 25 African startups that they believe embody the diverse entrepreneurial spirit across the African continent.
Startups led or co-founded by women make up 72% of the group, highlighting the role women play in shaping Africa’s startup ecosystem.
Each selected startup will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, Ad support, 1:1 mentoring by industry experts and invaluable connections within Google’s network.
What the funding will be used for
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.
Google for Startups believes that early-stage investment is essential for the success of startups and the African startup ecosystem as a whole.
According to them, this is crucial for Africa to become a global tech leader, and with the significant decrease in African tech investment in 2023, Google for Startups also believes that Africa needs the funds to sustain their growth and develop innovative solutions for the continent.
These startups have been selected due to their impact in providing accessible healthcare efficient logistics, to innovative fintech solutions, while harnessing the power of technology to address some of Africa’s most pressing needs.
The Black Founders Fund, now in its third year, aims to help tackle systemic racial inequality in venture capital (VC) funding by providing equity-free grants and mentoring to early-stage Black-led high-growth businesses across Europe and Africa.
Since its inception, it has facilitated over $205 million in investor conversations, representing a 12-fold increase. This has sparked significant growth within the participating startups, with their combined monthly recurring revenue now exceeding $6.1 million, marking a 7% increase.
Here are the startups in Africa including Nigeria selected to receive the fund:
- Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa
- Fez Delivery (Nigeria): Last-mile logistics platform for various industries.
- Evolve Credit (Nigeria): SaaS for digitising and managing banking services.
- Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank.
- MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare.
- My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management.
- Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software.
- Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk.
- Raenest (Nigeria): Fintech offers global financial services to freelancers/startups in Africa.
- TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity
- BezoMoney (Ghana): Digital banking for Africa’s underbanked via mobile/web platforms.
- Chargel (Senegal): Digital trucking platform connecting shippers/carriers in Francophone West Africa.
- Charis UAS (Rwanda): Provides 3D geospatial data via drone technology.
- Excel At Uni (South Africa): Supports student funders via digital services.
- EzyAgric (Uganda): AI-powered mobile technology to enhance Africa’s farming sector.
- Fleetsimplify (Kenya): Monetization platform connecting gig drivers & vehicle owners.
- HealthDart (South Africa): Digital HMO providing end-to-end health services with insurance.
- Jumba (Kenya): Improving Kenya’s construction sector supply chain via a B2B platform.
- Ridelink (Uganda): E-logistics platform providing shipping and real-time tracking.
- Susu (Côte d’Ivoire): Health platform providing healthcare services/insurance funded by the African diaspora.
- Talamus Health (Ghana): Tech solutions targeting healthcare inefficiencies in Africa.
- Tushop (Kenya): Tech platform for group buying of daily essentials in Kenya.
- Uzapoint (Kenya): Mobile/web POS for digitising bookkeeping in Africa’s informal sector.
- Zinacare (South Africa): Online platform for accessible, affordable healthcare services.
- Zydii (Kenya): Localised digital training solutions for African SMEs.