The Black Founders Fund for Startups, backed by Google, is now accepting applications for its third cohort from startups in Africa and Europe.
In accordance with Google’s mission to promote economic empowerment through digital innovation, this is a positive step for black-founded startups.
The startups must be developing their products or services for both the African and international markets, have the ability to scale and attract additional investment, and provide tangible results such as new jobs and economic progress.
Applying for the Black Founders Fund is open to startups with their headquarters or operational base in Africa or with a recognized presence there.
In addition to having black founders or a diverse founding team, early-stage startups must also be creating value for the black community to be eligible.
Google has pledged $4 million in funding for this year to go toward supporting black-founded businesses that meet certain criteria.
Following selection, the startups will receive support in the form of training and access to a network of mentors to help with overcoming the problems particular to each startup, as well as up to $150,000 equity-free cash rewards and up to $200,000 per startup in Google Cloud credits.
The Black Founders Fund has already helped 110 black-owned businesses in Africa after two successful cohorts.
This initiative helped 60 African startups last year, all of which were in the growth phase.
The deadline to apply to the third cohort is March 26, 2023.
Visit the website to apply or for additional information.
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