TheCable

At least 10 Nigerian startups have been selected among 40 technology firms listed for the $4 million Black Founders Fund.

The list was drawn from Europe and Africa (out of which were 25 African-based startups) for this year’s cohort.

The Black Founders Fund, sponsored by Google for Startups (GfS) is said to be in its third year, and it was initiated to help tackle systemic racial inequality in venture capital (VC) funding by providing equity-free grants and mentoring to early-stage black-led businesses across Europe and Africa.

According to a statement on Wednesday, startups led or co-founded by women make up 72 percent out of the 40 selected, highlighting the role women play in shaping Africa’s startup ecosystem.

Google said each selected startup is expected to receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, advert support, one-on-one mentoring by industry experts, and invaluable connections within Google’s network.

Speaking on its commitment to supporting startups, Folarin Aiyegbusi, Google’s head of startups ecosystem in Africa, said digital transformation and growth was the major goal.

“Startups play a major role in advancing Africa’s digital transformation. We look forward to working with this group of innovative founders who are using technology to solve some of the most pressing challenges in Africa,” Aiyegbusi said.

“The Google for Startups Black Founders Fund is committed to addressing the stark inequality in VC funding by providing Black founders with the resources and support they need to succeed.”

Here is a full list of the 1o Nigerian firms selected for this year’s grant.

1. Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa.
2. Evolve Credit (Nigeria): SaaS for digitising and managing banking services.
3. Fez Delivery (Nigeria): Last-mile logistics platform for various industries.
4. Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank.
5. MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare.
6. My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management.
7. Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software.
8. Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk.
9. Raenest (Nigeria): Fintech
10. TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.