Google, in its commitment to fostering entrepreneurship and supporting underrepresented communities, has unveiled the 25 selected startups for its 2023 Black Founders Fund cohort in Africa.
The program aims to empower black-led startups in the continent, providing them with funding, mentorship, and access to resources necessary for their growth and success.
The Black Founders Fund is part of Google’s ongoing efforts to promote diversity and inclusion.
Now in its third year, the Fund supports Black founders by addressing the inequality in VC funding in Africa’s tech ecosystem.
According to Google, this year, each selected startup will receive up to $150,000 in non-dilutive cash awards, $200,000 in Google Cloud credits, Google Ads support, and one-on-one mentoring from Googlers and industry experts.
Since its inception in 2021, participating founders have reportedly seen a 21% rise in employment, with women filling 46% of these positions, and a notable 7% increase in monthly recurring revenue to over $6.1 million.
Here are the selected startups for the 2023 cohort:
Asaak, a leading Ugandan fintech company, has acquired FlexClub, a Mexican startup that provides car financing for Uber drivers.
Visa has selected 23 African startups for the inaugural cohort of its Visa Africa Fintech Accelerator.
South Africa-based Payment24, a global provider of payment and loyalty solutions, has acquired Switzerland-headquartered Inergy 24 to accelerate its expansion into the European market.
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