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The Black Founders Fund (BFF) Alumni Summit, held at iHub, celebrated the strides made by Black-led startups across Africa, unveiling the BFF Impact Report to showcase their remarkable achievements.

The summit brought together 45 to 50 alumni from Kenya, Nigeria, South Africa, Uganda, and other nations, highlighting their role in driving innovation, creating jobs, and propelling Africa’s digital economy forward.

The BFF Impact Report paints a compelling picture of the transformative power of targeted support for Black entrepreneurs. Startups backed by the fund have collectively raised $379 million, created more than 6,000 jobs, and achieved 61% faster growth than their industry peers. These milestones underscore the importance of strategic investment in fostering sustainable innovation across the continent.

Through non-dilutive funding, mentorship, and access to global networks, the Black Founders Fund has empowered over 220 startups to overcome systemic barriers, scale their operations, and contribute to Africa’s tech transformation. “The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity,” said Agnes Gathaiya, Country Director for East Africa, Google for Startups. “The impact we’re seeing today will set the stage for an even more vibrant African tech landscape tomorrow.”

Despite Africa’s rising status as a global innovation hub, Black entrepreneurs still face substantial barriers, including limited access to capital. African startups account for less than 1% of global venture capital funding, with women-led and marginalized entrepreneurs particularly underrepresented. These challenges, compounded by restricted access to mentorship and networks, often stifle promising startups before they can scale.

Initiatives like the Black Founders Fund are addressing these disparities head-on, driving systemic change across the ecosystem. “The BFF Impact Report proves that with the right support, Black founders can not only overcome these challenges—they can lead the way in innovation, job creation, and economic development,” said Mariama Boumanjal, Black Founders Fund Manager for Europe at Google for Startups.

Key Findings from the BFF Impact Report

• 6,000+ jobs created by BFF-supported startups, representing a 7x growth in employment since 2021.
• $379 million raised collectively, including $61 million by 21 AI-focused startups.
• 61% faster growth for BFF startups over three years compared to industry peers.
• 50.4% of leadership roles held by women, with 68% of startups being women-led or co-founded by women.
• Kenya leads in follow-on funding, with 26 BFF-backed startups collectively raising nearly $100 million and employing over 1,000 people.

The report also highlights the diversity of industries where BFF startups are making a significant impact, including fintech, healthtech, agritech, and artificial intelligence. By equipping entrepreneurs with the tools, resources, and networks needed to thrive, the Black Founders Fund is nurturing a new generation of tech leaders shaping Africa’s digital future.

“This report is a celebration of the incredible work being done by Black founders across Africa,” said Folarin Aiyegbusi, Head of Startup Ecosystem, Sub-Saharan Africa at Google. “When we invest in these entrepreneurs, we’re not just supporting individual businesses—we’re driving systemic change in the broader African tech ecosystem.”