Google has announced a funding program set to revolutionize Africa’s startup Ecosystem.
According to the tech giant, it will fund black-founded startups in Africa and Europe. The company is offering a support package of up to $4 million for eligible startups, in line with its commitment to digital transformation and support for the third cohort of Black Founders Fund.
The program is for startups that have their headquarters in Africa and are building for Africa and the global market.
In addition, eligible startups must also have the growth potential to raise more funding, create jobs, and make a measurable impact in the industry.
Besides, the program targets to benefit the black community or early-stage startups that have black founders or diverse founding teams.
Startups that meet the eligibility criteria will receive up to $150,000 in equity-free cash awards and up to $200,000 per startup in Google Cloud credits.
Moreover, they will receive training support and access to a network of mentors to assist them in tackling unique challenges.
Major boost for Africa’s startup Ecosystem
The program is a shot in the arm for the Africa’s startup ecosystem, with the applications for the third cohort closing on March 26, 2023.
What’s more, startups are a critical driver of innovation, economic growth, and social progress, especially in Africa. This program will go a long way in promoting growth in the African tech ecosystem and the next generation of African tech entrepreneurs.
With Africa’s growing population, estimated to have one in three Africans under 35 by 2050, the continent has a growth potential for startups to provide innovative solutions for the growing market. The internet economy on the continent is set to add up to $180 billion to Gross Domestic Product (GDP) by the year 2025.
In conclusion, Google’s program for black-founded startups in Africa and Europe is a significant boost to the Africa’s startup ecosystem.
Furthermore, offers startups the opportunity to receive support, mentorship, and funding to help them unlock their potential and promote growth in the industry.
According to a report by Disrupt Africa, African tech startups raised $650 million in the first quarter of 2023.