Google release $4m funding for 60 startups in Africa, with 23 Nigerian and 12 Kenyan grantees

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On Tuesday Google announced its plan to release a sum of $4m to over 60 startups across Africa to enable them to scale up their ongoing work.

The project, which is called Google Black Founders Fund (BFF) for startups in Africa, is the second phase of the global tech giant’s funding for African startups.

Folarin Aiyegbusi, Google’s Head of Startup Ecosystem, Sub Sahara Africa said in a statement that the startups joining the programme would receive a total of $4m in funding.

Aiyegbusi said that the startups would also receive support to enable them to scale up their ongoing work.

He said that the programme reinforced Google’s commitment to empowering entrepreneurs and startups in the region as a vital prerequisite to driving employment and growth on the continent.

‘’Africa is a diverse continent with massive opportunities but the continent is faced with the challenge of limited diversity in venture capital funding flow.

He added that the programme would introduce the grantees in Africa to Google’s products, connections, and best practices.

Aiyegbusi said that it would help the founders to level the playing field as they built better products and services that added value to the African  economy.

Aiyegbusi said that the equity-free cash assistance to startups would enable the startups to take care of immediate needs such as paying staff, funding inventory, and maintaining software licences.

He explained that this was to help the grantees buffer the cost of taking on debt in the early stages of their businesses, as many of them had no steady revenue streams yet.

Aiyegbusi said that funding startups in Africa fueled generational and systemic change. (NAN)

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