Google Sets up $50 Million Fund To Invest in African Startups
Google plans to invest up to $50 million in African early- and growth-stage startups via its Africa Investment Fund, ramping up efforts to support more businesses on the continent.
Google made known its plans today in a virtual event where CEO Sundar Pichai announced the tech giant’s intentions to commit $1 billion over the next five years in tech-led initiatives in Africa.
These initiatives range from improved connectivity via Google’s subsea cable Equiano to investments in small businesses and startups.
Until now, Google had fulfilled its obligations in the latter through its Google for Startups Accelerator Africa program and the recently launched Black Founders Fund.
In three years, the accelerator program has supported more than 80 startups in seed to Series A stages, providing equity-free mentorship and resources. Google for Startups Accelerator Africa has accepted startups like Twiga, Paystack and Piggyvest and collectively, these 80+ startups have raised over $100 million in venture capital.