Google for Startups’ Black Founders Fund to award $4 million to 25 African startups

Google for Startups (GfS) has announced the selection of 25 African-based startups to receive a total of $4 million in funding through the Black Founders Fund. The fund, now in its third year, aims to address systemic racial inequality in venture capital funding by providing equity-free grants and mentoring to early-stage Black-led high-growth businesses in Europe and Africa.

The cohort of startups chosen this year includes a diverse range of 25 African startups, reflecting the entrepreneurial spirit across the continent. Notably, 72% of the selected startups are led or co-founded by women, underscoring the significant role women play in shaping Africa’s startup ecosystem. The funding provided will enable these businesses to expand their ventures, enter new markets, and contribute to economic growth and job creation.

Supporting early-stage investment is crucial for the success of startups and the overall African startup ecosystem, which is vital for Africa to establish itself as a global tech leader. Given the decline in African tech investment in 2023, the availability of funds is essential for sustaining the growth of African startups and fostering innovation for the continent’s benefit.

The selected startups cover a wide range of sectors, including healthcare, logistics, and fintech, leveraging technology to address Africa’s most pressing challenges. For instance, HealthDart is revolutionizing healthcare by offering comprehensive services and insurance through its digital platform. Tushop is reimagining retail with a group-buying platform in Kenya that promotes cost-saving and community engagement. Herconomy aims to become Africa’s first women-focused bank, pioneering advancements in the fintech sector.

Each startup chosen for the program will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, advertising support, one-on-one mentoring by industry experts, and invaluable connections within Google’s network.

Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google, expressed excitement about collaborating with the selected founders who are using technology to solve Africa’s pressing challenges. Aiyegbusi emphasized the commitment of the Google for Startups Black Founders Fund to address the inequality in VC funding by providing Black founders with the necessary resources and support for their success.

Representatives from the selected startups, including Ifedayo Durosinmi-Etti from Herconomy, Cathy Chepkemboi from Tushop, and Njabulo Skhosana from HealthDart, expressed their gratitude for being chosen and shared their visions for the future impact of their ventures.

Since its inception, the Black Founders Fund has facilitated over $205 million in investor conversations, resulting in substantial growth for participating startups. The combined monthly recurring revenue of the startups has surpassed $6.1 million, marking a 7% increase.

Here is a list of the 25 African startups selected for the Black Founders Fund:

1. Akoma Health (Nigeria)- Tech platform for accessible, culturally conscious mental health services in Africa.
2. BezoMoney (Ghana)- Digital banking for Africa’s underbanked via mobile/web platforms.
3. Chargel (Senegal)- Digital trucking platform connecting shippers/carriers in Francophone West Africa.
4. Charis UAS (Rwanda)- Provides 3D geospatial data via drone technology.
5. Evolve Credit (Nigeria)- SaaS for digitising and managing banking services.
6. Excel At Uni (South Africa)- Supports student funders via digital services.
7. EzyAgric (Uganda)- AI-powered mobile technology to enhance Africa’s farming sector.
8. Fez Delivery (Nigeria)- Last-mile logistics platform for various industries.
9. Fleetsimplify (Kenya)- Monetization platform connecting gig drivers & vehicle owners.
10. HealthDart (South Africa)- Digital HMO providing end-to-end health services with insurance.
11. Herconomy (Nigeria)- Female-focused fintech aiming to be Africa’s first women’s bank.
12. Jumba (Kenya)- Improving Kenya’s construction sector supply chain via B2B platform.
13. MDaaS Global (Nigeria)- Tech-powered diagnostic centres for affordable healthcare.
14. My Pocket Counsel (Nigeria)- Legal tech platform for contract generation and management.
15. Orda (Nigeria)- Pan-African neobank for restaurants, offering cloud-based software.
16. Periculum (Nigeria)- Data company aiding in credit assessment, fraud/churn risk.
17. Raenest (Nigeria)- Fintech offering global financial services to freelancers/startups in Africa.
18. Ridelink (Uganda)- E-logistics platform providing shipping and real-time tracking.
19. Susu (Côte d’Ivoire)- Health platform providing healthcare services/insurance funded by African diaspora.
20. Talamus Health (Ghana)- Tech solutions targeting healthcare inefficiencies in Africa.
21. TruQ (Nigeria)- Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.
22. Tushop (Kenya)- Tech platform for group buying of daily essentials in Kenya.
23. Uzapoint (Kenya)- Mobile/web POS for digitising bookkeeping in Africa’s informal sector.
24. Zinacare (South Africa)- Online platform for accessible, affordable healthcare services.
25. Zydii (Kenya)- Localised digital training solutions for African SMEs.