Google’s Black Founders Fund (BFF) has helped startups across Africa and Europe raise $379 million in funding and create over 6,000 jobs collectively.
This marks a turning point for Black-led startups, which have historically faced limited access to capital and support, attracting less than 1% of global venture capital.
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.
Empowering Black founders
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.
“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.”
Feature Image Credit: Google
