Black Founders Fund Africa 2023 is the third edition and a follow-up of the annual Google tour that scouts for optimal start-up companies founded by the themed complexion. The tech giant reported the outcome of scouting for start-ups to source from its pool of equity capital and accelerator program — 25 start-up companies based in the continent made funding program while half of the listed start-ups are Nigerians.
Google reserved $4 million in its venture capital pool to accelerate listed African start-ups committed to the motive for orchestrating the accelerator program for start-ups founded by blacks then experienced mentorship support in harnessing the application of emerging technology to tackle major challenges relatable to the start-up’s operational market.
However, Google Black Founders Fund Africa leverages the gap to racial inequalities that hinder start-ups from accessing other venture capitalists’ equity pools. Google’s annual funding also shepherds the listed beneficial start-ups with mentorship on prudence to duly manage the free equity grant to network operations which include increased working capital, business promotion in the European market, and heightened awareness to access more equity pool by other venture capitalists.
This report on the Techbooky Africa network is a construct of an egocentric Nigerian that considered listing the Nigerian start-ups that made it in Google Black Founders Fund Africa 2023 in the introduction paragraph, but I had to stall till this moment. The likes of;
- Akoma Health (telemedicine start-up)
- Evolve Credit (FinTech API start-up)
- Fez Delivery (logistics start-up)
- Herconomy (women-focused FinTech start-up)
- MDaaS Global (telemedicine start-up)
- My Pocket Counsel (e-HR start-up)
- Raenest (FinTech start-up)
- Periculum (analytics start-up)
- Orda (neo-bank start-up)
- TruQ (logistics start-up).
Aside from Nigerians enticing Google with innovative technology to impact the continental digital landscape, start-ups hailed from Kenya also crowded the Black Founders Fund list followed by Ghanaian start-ups, then South African start-ups. While other start-ups hailed from Cote d’Ivoire, Senegal, Rwanda, and Uganda.
The start-ups that made the Black Founders Fund Africa 2023 depicted that each start-up company is a representative of significant socioeconomic sectors. From healthcare to agriculture, these startups are developing solutions that could transform their host country and further expansion to other significant markets in the continent which prompt the adoption of emerging technology.