Google for startups will be expanding their support with the $4 million Black Founders Fund programme with an additional $1M in funding. At CcHUB, we are thrilled to be working with the Google team as the fund disbursement partner for the second time.
Our role will revolve around providing insight and technical support from the selection process through to the final deployment of the capital, as well as monitoring and evaluating the performance of the companies that benefit from this catalytic funding.
In line with Google’s commitment to working towards a more equitable future, Google for Startups successfully launched the Black Founders Fund in Africa program in 2021, which supported 50 black-founded businesses in Africa.
In barely six months, the pioneer Google Black Founders Fund saw the companies in the cohort raise over $73 million in follow-on funding, with 3 of the startups being selected for Y Combinators Accelerator 2022 Winter Batch during the programme, further elucidating the quality of the startups selected for the program. They had an average revenue growth by a compounded annual growth rate of 15.24%, the 50 startups recruited 518 people with 50% (260) of the recruits being females and reported 248 engagements with new investors on potential funding commitments pre and post the programme.
Here is how the available funds, $4 million, will be allocated to the 60 early-stage startups and the ongoing support they will receive from Google:
- Up to $100,000 in non-dilutive cash awards
- Up to $200,000 in Google Cloud credits
- Hands-on business and technical mentorship
- Access to a global community and support network
For the eligible Startups to apply, they must be:
- Headquartered in Africa or has a legal presence on the continent
- Diverse, with at least one Black C-level founding member
- Directly supporting the Black community
- Compatibility with Google products—our products can accelerate your growth
- Based in Botswana, Cameroun, Côte D’Ivoire, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, Rwanda, South Africa, Tanzania, Uganda, or Zimbabwe
(These are the prime focus countries. However, strong applications from other African countries not listed will be considered)
Learn more about the Google for Startups Black Founders Fund Africa, and apply here:
Applications are open until May 31st, 2022 (23:59 GMT)
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We held an info session with Google to dive deeper into the launched fund- the application process, eligibility criteria, benefits, and other relevant information. If you missed it, we recommend that you watch the recorded session to guide your application process: