Ten Nigerian startups are among the 25 African-based startups selected by Google for Startups (GfS) for this year’s $4million Black Founders Fund.
The Nigerian startups are, Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa; Evolve Credit (Nigeria): SaaS for digitising and managing banking services; Fez Delivery (Nigeria): Last-mile logistics platform for various industries; Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank and MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare.
Others are: My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management; Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software; Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk; Raenest (Nigeria): Fintech offering global financial services to freelancers/startups in Africa and TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.
Each selected startup will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, Ad support, 1:1 mentoring by industry experts and invaluable connections within Google’s network.
The Black Founders Fund, now in its third year, aims to help tackle systemic racial inequality in venture capital (VC) funding by providing equity-free grants and mentoring to early stage Black-led high-growth businesses across Europe and Africa. The selected cohort of 40 startups from Europe and Africa, includes 25 African startups that embody the diverse entrepreneurial spirit across the African continent.
Startups led or co-founded by women make up 72 per cent of the group, highlighting the role women play in shaping Africa’s startup ecosystem. 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.
In a press statement, made available to LEADERSHIP, the head of Startups Ecosystem, Africa at Google, Folarin Aiyegbusi, said, Startups play a major role in advancing Africa’s digital transformation, adding that, “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.”
One of the beneficiaries of this year’s Black Founders Fund, founder of Herconomy, Ifedayo Durosinmi-Etti, revealed that his company’s mission is to reimagine the financial landscape for women in Africa, adding that, “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 program, we will expedite the development of our innovative solutions, enhance support for our valued customers, and expand our presence on an international scale.”
Founder of Tushop, selected for the 2023 Fund, Cathy Chepkemboi, averred that, “At Tushop, our passion lies in leveraging technology to empower Kenyan consumers and increase their buying power. Our ultimate ambition is to transform the way daily essentials and FMCG products are accessed, enabling individuals to save significantly. With the support of Google for Startups, we are one step closer to realising our goal of positively impacting the lives of millions of consumers in Kenya and beyond.”
Founder of HealthDart, selected for the 2023 fund comments, Njabulo Skhosana, stated, “At HealthDart, we empower patients to access affordable and timely solutions for basic health problems through our technology-driven approach. By integrating pharmacy, telemedicine, and insurance with seamless payment options, we ensure affordable access to comprehensive primary healthcare. With the support of Google for Startups, we are poised to further enhance our platform, enabling more individuals to find the most cost-effective and efficient healthcare options.”
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.
Since its inception, the Black Founders Fund has facilitated over $205 million in investor conversations, representing a 12-fold increase. This has sparked significant growth within the participating startups, with their combined monthly recurring revenue now exceeding $6.1 million, marking a seven per cent increase.
