Search engine giant, Google, has launched a US$3 million Black Founders Fund for African startups. The company also launched a US$3 million Google.org grant.
The company plans to use these grants to help low-income communities develop entrepreneurial skills and funding.
The funds are also targeted at helping Black founders grow their businesses, not only by providing capital, but also by providing access to Google resources.
The Google for Startups’ Black Founders Fund would also provide grants and technical assistance to early-stage startups that are led by black and diverse teams, or with a goal of advancing the Black community.
This US$3 million grant will be spread across a number of investable startups in Africa. Each firm will be receiving up to US$100,000 in cash awards.
Selected company will also receive US$220,000 in Google Cloud Credits and Ad Grants, as well as mentoring, technical, and scaling assistance.
The fund is available to entrepreneurs across the African continent.
Google has also partnered with Co-Creation hub to distribute the funding to the 50 selected companies across Africa. Co-Creation Hub is leading tech community hub with a presence in Nigeria, Kenya, and Rwanda,
Google.org is equally giving US$3 million to the Tony Elumelu Foundation, who through their annual entrepreneurship program will provide entrepreneurship training, mentorship, coaching, and access to networks and key markets for at least 5000 women.
Google.org would also provide seed capital in the form of one-time cash grants to 500 African female informal business-owners in rural and low-income communities across Nigeria, South Africa, Kenya and selected Francophone countries.
Applications for Black Founders Fund Africa are now open until July 7th.
Interested applicants can click here to check eligibility criteria.