Well known as GfS, Google for Startups has chosen three South African start-up companies to be part of its $4 million (R73.6 million) Black Founders Fund for innovators in the continent.
Aiming to fight the systemic racial inequality in venture capital (VC) funding by providing equity-free grants and guidance to early stage Black-led high-growth businesses across Europe and Africa, the Black Founders Fund is now in its third year.
The selected group of companies across Europe and Africa includes 25 African start-ups that embody the diverse entrepreneurial spirit in the African continent. Start-up companies led or co-founded by women make up to 72% of the group, which highlights the role women play in shaping Africa’s start-up ecosystem.
The funding will be providing the companies with great capital needed to take their ventures to the next level as well as expand to new markets, supercharging economic opportunities and creating jobs.
“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. 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” – Head of Startups Ecosystem, Africa at Google, Folarin Aiyegbusi said.
The selected start-up companies include Zinacare, which is a South African online platform for accessible, affordable healthcare services, HealthDart, which is a South African digital HMO providing end-to-end health services with insurance, as well as South Africa’s Excel At Uni, which supports student funders via digital services.
Each of the selected start-up companies will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, Ad support, 1:1 mentoring by industry experts and invaluable connections within Google’s network.
The founder of HealthDart, Njabulo Skhosana said: “At HealthDart, we empower patients to access affordable and timely solutions for basic health problems through our technology-driven approach.” Integrating pharmacy, telemedicine, and insurance with seamless payment options, the company ensures affordable access to comprehensive primary healthcare.
