Google has selected 25 African startups for the third cohort of its Black Founders Fund, with two Ghanaian companies among those chosen. BezoMoney, which offers digital banking services to Africa’s underbanked population via web and mobile platforms, and Talamus Health, which focuses on healthtech solutions for Africa’s healthcare challenges were selected by the search giant. As part of its efforts to address inequality in VC funding, Google provides non-dilutive cash awards of up to $150,000, $200,000 in Google Cloud credits, Google Ads support, and one-on-one mentoring from experts to the selected startups. Of the 25 companies chosen this year, 72% are led or co-founded by women.
Many African startups are able to capitalise on a surging population, with projections indicating that within three decades, a third of all Africans will be under 35 years old. Startups are addressing Africa’s challenges across many sectors, including healthcare, agriculture, and fintech. Since its inception in 2021, the Google for Startups Black Founders Fund has helped to generate a 21% rise in employment among participating companies, with 46% of the new positions filled by women, as well as a 7% increase in monthly recurring revenue to over $6.1m.
