At the first-ever Google for Africa event, conducted online, Google announced its plans to invest up to $50 million in growth-stage and early-stage African start-ups. The investment is set to be launched through its Africa Investment Fund, which is a part of the tech giant’s efforts to support more businesses on the continent.
These initiatives range from investments in start-ups and small businesses to improving connectivity through Google’s subsea cable. Until recently, Google had fulfilled its obligations in the former through its Google for Startups Accelerator program. In the last three years, the program has been able to support more than 80 organizations in see to Series A stages through equity-free resources and mentorship. Some of the companies that have benefitted from the program include Paystack, Twiga, and Piggyvest. Collectively, these 80+ startups have already raised more than $100 million in venture capital.
Meanwhile, the Google Black Founders Fund will now invest in black-led startups in three regions in Africa through cash awards and hands-on support. And so far, 50 startups have been selected to participate in the Africa program which is set to start on October 13. Each of them will receive up to $100,00 in equity-free capital along with credits from the Google.org ads grant, Google Cloud, and additional support. Google has stated that 40% of the 50 selected companies are women-led, representing 12 sectors and 9 countries.
The latest announcement is part of a larger $1 billion investment that the tech giant is planning to invest in Africa over the next five-year period, which CEO Sundar Pichai has claimed will support the continent’s digital transformation. The investment mainly focuses on enabling fast and affordable internet access for more Africans through advanced infrastructure, support for entrepreneurship and small businesses, building helpful products and helping non-profits to improve lives across the continent.
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