- 50 Startup companies have received funding from Google Africa as part of the company's Black Founders Fund
- All the companies chosen for this opportunity are black-led and will receive equity-free funding amounting to a total of R45 million
- Google will also offer the startup companies access to experts from Google as well as Google Ads grant amongst other opportunities
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JOHANNESBURG - Google Africa has launched an amazing initiative as part of its Black Founders Fund that will see 50 African startup companies receiving funding.
The announcement was made on Wednesday, 6 October on social media and the companies that are receiving funding are led by black people.
A total of R45 million has been awarded to these upcoming companies. The funding that Google has offered these companies is equity-free.
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The firms will also be getting Google Ad Grants and Cloud credits, as well as help from seasoned Google professionals, in addition to the money. Google says the reason for the fund is to bridge the fundraising gap that is faced by many new technology companies on the African continent.
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People from all over the African continent took social media to congratulated the companies that received funding. Here's what they had to say:
"Super happy for everyone who got in here! You could feel and hear the relief. Now let's build "
"Thank you @googleafrica!! We’re so excited and honored to be 1 of 50 selected startups ! This means so much "
"Congrats to all the 50 startups and all the best."
"This is so great! We are emotional now and hope to we get to celebrate in the future like these founders. #ShadesofUs #Google4Africa"
"Emotional! So pleased for these founders. Cheers to broadening access to opportunity for underrepresented groups #Google4Africa"
"Amazing, thank you @googleafrica for the love support and the efforts you are putting to help African Startups."
"the amount of nigerians so proud of all of them."
"African founders are working and trying to access capital - but capital flows are historically biased, as the founders hint at here. Congrats to all and esp. @FindReach @jr_kanu!"
Uber’s financing partner Moove raises R340 million to finance African Uber drivers
According to Yahoo Finance, Moove is a car financing company that aims to install a credit-scoring mechanism for ride-hailing and logistics platforms such as Uber.
This mechanism will help the company get data on potential drivers who may be in need of financing.
The data collected will include the number of car rides a driver completes which will help determine how much a driver makes a week. The company will also collect data on the drivers' driving capabilities.
This information allows the company to decide whether or not a driver would be financed within five days.