Google’s Africa Investment Fund plans to invest up to $50 million in African startups, enhancing efforts to assist more businesses on the continent.
Companies will be given access to Google’s employees, network and technologies, to help them build products.
Google unveiled its plans today at a virtual event, with CEO Sundar Pichai announcing the company’s aim to invest $1 billion in tech-led initiatives in Africa over the next five years.
Nithin Gajria, the managing director of Sub-Saharan Africa, Google, said “There is a significant gap in terms of access to funding. Some groups do not have access to funding as much as other groups. We’ve seen that with black and female-founded startups. And our effort with the Black Founders Fund is to help close that gap to some extent.”
50 startups have been chosen to take part in the Africa program, which will begin on October 13th. Each will receive up to $100,000 in equity-free funding, as well as Google Cloud credits, Google.org ad grants, and other resources.
The $50 million Africa Investment Fund will see Google take equity in high-growth African startups in exchange for varying check sizes.