50 Nigerian startups benefit, 10 more to be added in 2023
By Jeph Ajobaju, Chief Copy Editor
Fifty Nigerian startups have benefited from the $11 million Google Black Founders Fund established two years ago to bridge the gap in funding for black-led tech enterprises.
Another 10 will benefit in 2023, raising the number to 60.
Google launched the $3 million Black Founders Fund in 2021 to tackle systemic racial inequality in venture capital (VC) funding, by providing equity-free grants and mentoring to early-stage black-led businesses across Europe and Africa.
“Google understands that the growth and success of one player in the startup space lays the path for others,” said Nitin Gajria, Google Sub-Saharan Africa Managing Director.
“This is what drives the commitment to empowering entrepreneurs and startups and effectively driving employment and enabling both economic and social development on the continent.
“We are determined to help black founders grow their businesses, not just through access to capital but also through access to the best of Google’s resources.”
A total 27 Nigerian startups benefited in 2021, the number went down to 23 in 2022, and Google has announced 10 Nigerian startups will benefit in 2023.
Google explained the 10 firms are part of a cohort of 40 startups from Europe and Africa selected for its 2023 $4 million Black Founders Fund. Only 25 of the 40 are based in Africa.
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Female beneficiaries
It also explained 72 per cent of those chosen are led or co-founded by women.
“The funding will provide the businesses with the capital needed to take their ventures to the next level and expand to new markets, supercharging economic opportunities and job creation,” Google said in a statement, per The PUNCH.
“Early-stage investment is essential for the success of startups and the African startup ecosystem as a whole. This is crucial for Africa to become a global tech leader.
“With the significant decrease in African tech investment in 2023, startups in Africa need funds to sustain their growth and develop innovative solutions for the continent.”
Google said each selected startup will receive $150,000 in non-dilutive cash awards and $200,000 in Google Cloud credits, Ad support, 1:1 mentoring by industry experts, as well as invaluable connections within its network.
Nigerian startups selected in 2023 include Akoma Health, Evolve Credit, Fez Delivery, Herconomy, MDaaS Global, My Pocket Counsel, Orda, Periculum, Raenest, and TruQ.
“Startups play a major role in advancing Africa’s digital transformation,” stressed Folarin Aiyegbusi, Africa Head of Startups Ecosystem at Google.
“We look forward to working with this group of innovative founders who are using technology to solve some of the most pressing challenges in Africa.
“The Google for Startups Black Founders Fund is committed to addressing the stark inequality in VC funding by providing Black founders with the resources and support they need to succeed.”
Herconomy on mission to reimagine financial landscape
“At Herconomy, we are on a mission to reimagine the financial landscape for women in Africa,” stressed one of the selected founders, Ifedayo Durosinmi-Etti of Herconomy.
“Being chosen for the prestigious 2023 Black Founders Fund will fuel our revolutionary vision and accelerate our progress.
“With the funding and support provided by the programme, we will expedite the development of our innovative solutions, enhance support for our valued customers, and expand our presence on an international scale.”
