In recent years, there has been increasing recognition of the unique challenges faced by Black founders when trying to secure funding for their startups. In response to this, Google launched the Startups Black Founders Fund in 2020, with the aim of providing crucial capital to Black founders across the globe. The program has already had a significant impact, and now the 2023 edition of the fund is open for applications from eligible African startups.
To be considered for the Google for Startups Black Founders Fund,
- Startups must have a technology-based product or service in the early stage or growth phase.
- They must also have a Black founder who plays an active leadership role in the company and be based in one of the eligible African countries.
- They must be between Pre-seed and Series A
- they must also be scalable products or services with a significant total addressable market and defensible growth model
- Lastly, they must be ready to go global
Google for Startups Black Founders Fund 2023
Successful applicants will
- Pick three goals / OKRs for your company to work on for the duration of the program
- Be assigned a dedicated Google advisor
- Be connected to your mentor monthly via Google Meet
- Build community with other program participants, and will partake in workshops and skill-building online sessions.
- Will receive an equity-free cash award of up to $150k, as well as Cloud Credits of up to $200k.
In addition to this, they will have access to the best of Google’s resources and expertise, including its people, products, and best practices. This combination of financial and non-financial support can be invaluable for early-stage startups looking to scale.
- Non-dilutive (equity-free) cash awards of up to $150,000 per startup
- Up to $200k in Cloud Credits
- Access to a network of mentors to help tackle each startup’s unique challenges
Google for Startups Black Founders Fund 2022 Recipients
Last year, 110 startups across Africa received support from the Google for Startups Black Founders Fund. Nigerian startups dominated the list of recipients, with over $107 million in follow-on funding raised, 824 staff members hired, and significant revenue growth. These success stories are a testament to the impact that the fund can have on the growth and success of Black-led startups.
The Google for Startups Black Founders Fund is just one of the initiatives that Google has launched to support digital transformation in Africa. In 2021, Google and Alphabet CEO Sundar Pichai announced that the company would be investing $1 billion in Africa to improve connectivity and support startups over the next five years. The fund has also supported Black and Latino-led startups in Brazil, Europe, and the United States, and has already had an impact on over 400 founders who have gone on to raise over $400M in follow-on venture capital.
How to Apply for the Google for Startups Black Founders Fund 2023
Applications for the 2023 edition of the Google for Startups Black Founders Fund are open now and will close on March 26.
Applications to the fund are open until 23:59 GMT on Sunday 26th March 2023.