Google LLC has opened applications for the third cohort of Black Founders Fund for startups in Africa and Europe.
The American multinational technology company stated that the $4 million had been earmarked to support black-funded eligible start-ups.
According to the company, the eligibility criteria for applying for the fund are that the startups are operating and headquartered in Africa or having legal presence on the continent.
In addition, such startups that wish to apply should have their businesses benefiting the black community or that early stage startups have black founders or diverse founding teams. The startups should be building for Africa and the global market, have the growth potential to raise more funding, create jobs, and generally be making a measurable impact.
Google stated that upon selection, the startups would receive up to $150,000 equity-free cash awards and up to $200,000 per start up in Google Cloud credits, training support and access to a network of mentors to assist in tackling the challenges peculiar to each startup.
Speaking on the initiative, the Head of Startup Ecosystem, Google Sub Saharan Africa, Folarin Aiyegbusi, said: “Startups are a critical driver of innovation, economic growth and social progress, especially in Africa and the support the selected startups will receive will go a long way to unlock the potential and promote growth in the African ecosystem and the next generation of African tech entrepreneurs. We encourage all eligible startups to apply.”
It would be recalled that following the successful completion of the two cohorts of the Black Founders Fund, the programme has supported a total of 110 black-owned startups in Sub Saharan Africa.
For instance, last year 60 growth-stage startups benefited from the programme in the continent.
