BFF-backed African Startups Raise $379m, Drive Job Creation–Report

The Black Founders Fund (BFF) Impact Report revealed that BFF-supported startups have collectively raised $379 million, created more than 6,000 jobs, and experienced 61 percent faster growth than their peers, underscoring the importance of strategic investment in fostering sustainable innovation.

Through non-dilutive funding, mentorship, and networking, the BFF has empowered entrepreneurs to overcome barriers, scale their businesses, and contribute to Africa’s digital transformation. The BFF Impact Report demonstrates the pivotal role of the program in strengthening the continent’s startup ecosystem, enabling businesses to compete globally and attract significant investment.

Country director, West Africa, Google for Startups, Olumide Balogun, at the BFF Alumni Summit, on Tuesday, in Nairobi, remarked, “The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity. The BFF Impact Report reflects the incredible progress Black entrepreneurs have made, and how the right resources can empower them to lead Africa’s digital future. The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow.”

Despite Africa’s growing recognition as a hub for innovation, Black entrepreneurs continue to face substantial barriers, with access to capital remaining a key challenge. African startups raise less than one percent of global venture capital, and women-led and marginalised entrepreneurs are particularly underrepresented.

Limited access to mentorship, networks, and markets exacerbates these difficulties, often hindering talented entrepreneurs from scaling their businesses. However, initiatives like the BFF are driving systemic change. Through non-dilutive funding, mentorship, and an expansive network, the BFF has empowered over 220 startups, enabling them to scale faster and break down these barriers.

RELATED

Publicis Groupe’s Emeka Obia Honoured As Africa’s Top Young Advertising Talent

5 hours ago

Minister Harps On Digital Agriculture To Enhance Food Production

12 hours ago

Black Founders Fund manager Europe, Google for Startups, Mariama Boumanjal, said, “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.”

Head of Startup Ecosystem for Africa at Google, Folarin Aiyegbusi said, “This report is a celebration of the incredible work being done by Black founders across Africa. The BFF Impact Report proves that, when we invest in these entrepreneurs, we’re not only helping individual startups, but we’re driving systemic change within the broader African tech ecosystem.”