Google has opened applications for the third cohort of Black Founders Fund 2023 for business ventures in Africa and Europe.
The initiative gives Black-founded startups in Africa access to capital.
Startups from the continent enrolling for the fund must have their headquarter based in Africa.
Also, the ventures should be developing solutions geared to solving Africa’s challenges.
Google announced the Black Founders Fund in 2020, with less than 0.5% of global venture capital (VC) funding going to black-led startups, and has since deployed $20 million in funding to founders across the US, Europe, Africa, and Brazil.
The latest $4 million from the fund will provide 60 founders in Africa with up to $100,000 in capital, up to an additional $200,000 in Google Cloud Credits, and access to the best of Google—people, products, and practices.
“At its core, the Black Founders Fund is a global initiative. Selected founders have the opportunity to connect with founders from all over the world,” the initiative stated.
Last year, 12 Kenyan startups benefited from the program. Overall, Nigeria had the highest number of beneficiaries with 23 startups.
Applications for this year’s Google Black Founders Fund in Africa are open until the 26th of March.