A US$3.980 million (Sh479.2 million) fund will help 60 black-founded African firms so they may export their technologies outside their nations, including 12 in Kenya.
The businesses will also gain from a six-month training programme that will introduce them to a network of mentors who can assist them in resolving unique problems.
- A US$ 3.980 million (Sh479.2 million) fund will help 60 black-founded firms in Africa so they may export their technologies outside of their nations
- Nigeria has the most grantees with 23, followed by Kenya with 12, Rwanda with 6, South Africa with 5, and Uganda with 4
- The businesses will also gain from a six-month training programme that will introduce them to a network of mentors who can assist them in resolving unique problems
They will participate in specialised workshops, peer support groups, and community-building activities throughout the training, in addition to receiving non-dilutive accolades of between Sh6 million and Sh12 million and up to Sh24 million in Google Cloud Credit.
The grant recipients in this year’s cohort, 50% of whom are women-owned enterprises, are from Kenya, Botswana, Ethiopia, Cameroon, Ghana, Rwanda, Nigeria, and South Africa. Senegal, and Uganda.
They specialise in sectors such as fintech, healthcare, e-commerce, logistics, agtech, education, hospitality and smart cities.
Although there are many opportunities in the vast continent of Africa, there is a lack of variety in the flow of venture capital funding.
“We expect that Black Founders Fund Program would be capable of bridging the gap of disproportionate funding between ex-pat businesses over local and black-led enterprises”, Folarin Aiyegbusi, Head of Startup Ecosystem Sub-Saharan Africa (SSA), stated.
Of the ten nations, Nigeria has the most grantees with 23, followed by Kenya with 12, Rwanda with 6, South Africa with 5, and Uganda with 4.
Ethiopia has two chosen startups; Cameroon and Ghana each have three grants, and Botswana and Senegal each have one selected startup.
The 60 grantees of the Google for Startups Black Founders Fund Initiative will be introduced to Google’s products, relationships, and best practices in order to assist them in improving the products and services they already offer, and so make a positive impact on the African economy.
This is consistent with the IT giant’s dedication to supporting startups and entrepreneurs in the area as a necessary precondition for promoting jobs and progress on the continent.
Solutech, Ajua, online booking site BuuPass, FlexPay, DohYangu, Leja, Keep IT Cool, Synnefa, TopUp Mama, TIBU Health, Zuri Health, and, Zanifu are among the Kenyan firms that have been chosen.
Applicants who are in the early stages of a startup with black founders or diverse founding teams and a headquarters in Africa are eligible for funding.
Solutech, one of the BFF startups, provides Fast-Moving Products firms with real-time data from field sales teams, leveraging powerful insights to assist companies in their day-to-day and strategic decision-making.
Solutech Chief Executive Officer and Co-Founder Alexander Odhiambo, said the business now operates in more than five countries with more than 70 enterprises.
“BFF will assist us in growing and developing the technology so that we may expand into other areas. It also will help us access the Google Skill base to build the enterprise,” Odhiambo explained.
According to Odhiambo, the firm has assisted organisations in achieving 99 per cent efficiency. The firm is now aiming to establish Customer Relationship Management solutions for the service industry as well as a Business-to-Business marketplace.
legislation and infrastructure needed to enable the adoption of pan-African digital solutions
According to Google’s Head of Government Affairs and Public Policy, Charles Murito, governments in Africa must focus on legislation and infrastructure to enable the adoption of pan-African digital solutions being developed in diverse sectors.
“There is the African Continental Free Trade Agreement (AfCFTA), which permits data to travel from one country to the next.” When data localization bills are passed in different countries, companies like BuuPass are unable to expand their operations beyond their boundaries,” Murito explained.
Read: Kenyan start-ups yearly funding to hit US85 million by 2025
