At least 10 Nigerian startups have been chosen for the prestigious Black Founders Fund, a million funding initiative sponsored by Google for Startups (GfS).
The program aims to address racial inequality in venture capital funding by offering equity-free grants and mentoring to early-stage black-led businesses in Africa and Europe. Of the 40 selected technology firms, 25 are based in Africa, with Nigerian startups leading.
Highlighting the significant role of women in Africa’s startup ecosystem, 72 percent of the selected startups are led or co-founded by women. This diverse representation emphasizes the crucial contribution of women in shaping the continent’s entrepreneurial landscape.
Each of the selected startups can expect to receive substantial support. They will be granted up to $150,000 in non-dilutive cash awards and $200,000 in Google Cloud credits.
Additionally, they will benefit from advertising support, one-on-one mentoring from industry experts, and invaluable networking opportunities within Google’s extensive network.
Folarin Aiyegbusi, Google’s head of the startup ecosystem in Africa, expressed the company’s commitment to supporting startups and fostering digital transformation and growth.
Aiyegbusi acknowledged startups’ crucial role in advancing Africa’s digital landscape, saying, “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 Black Founders Fund aims to bridge the stark inequality in venture capital funding by equipping black founders with the necessary resources and support to thrive.
Here is the complete list of the 10 Nigerian startups selected for this year’s grant:
- Akoma Health (Nigeria): A tech platform providing accessible and culturally conscious mental health services in Africa.
- Evolve Credit (Nigeria): Offers Software-as-a-Service (SaaS) solutions for digitizing and managing banking services.
- Fez Delivery (Nigeria): A last-mile logistics platform catering to various industries.
- Herconomy (Nigeria): A female-focused fintech startup aspiring to become Africa’s first women’s bank.
- MDaaS Global (Nigeria): Employs tech-powered diagnostic centers to deliver affordable healthcare solutions.
- My Pocket Counsel (Nigeria): Provides a legal tech platform for contract generation and management.
- Orda (Nigeria): A pan-African neobank for restaurants offering cloud-based software solutions.
- Periculum (Nigeria): A data company facilitating credit assessment and fraud/churn risk management.
- Raenest (Nigeria): A fintech startup.
- TruQ (Nigeria): Streamlines mid-mile logistics across Africa through third-party vehicle connectivity.
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