Google-Backed Black African And European Founders Have Raised $379M – peopleofcolorintech

Alumni from Google’s Black Founders Fund (BFF) initiative have collectively raised $379 million in funding and created over 6,000 jobs. 

The BFF has supported over 220 startups across Africa and Europe, helping them also grow 61% faster than their peers.

This marks a turning point for Black-led startups, which have historically faced limited access to capital and support.

Non-Dilutive Funding Accelerates Growth

Established in 2020, the BFF addresses systemic racial inequities in venture capital.

The program offers equity-free funding, mentorship, and resources tailored to Black entrepreneurs. 

So far, over 220 African startups have benefited, with their growth rates surpassing industry peers by 61%.

The recently released BFF Impact Report highlighted that women occupy over 50% of leadership roles in these startups, with 68% being women-led or co-founded, according to Google’s blog.

Key industries driving this success include fintech, healthtech, agritech, and AI.

Kenya Takes the Lead

Among the alumni, Kenya stands out with 26 startups collectively raising nearly $100 million in follow-on funding. 

These companies have also created 1,073 jobs, reinforcing Kenya’s position as a regional hub for innovation. 

Other notable contributors include Nigeria and South Africa.

A Bright Future for Black Entrepreneurs

“The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity,” Olumide Balogun, Country Director for West Africa at Google for Startups stated at the BFF Alumni Summit in Nairobi.

Similarly, Mariama Boumanjal, BFF Manager for Europe, added, “With the right resources, Black founders can lead in innovation and economic development.”

While challenges remain—African startups still attract less than 1% of global venture capital—the success of the BFF alumni is an example of the power of targeted investment. 

Feature Image Credit: Google

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