By Chinenye Anuforo
The Black Founders Fund (BFF) has empowered African startups to raise $379 million, create over 6,000 jobs, and accelerate growth by 61%. This significant achievement highlights the power of strategic investment in fostering innovation and driving economic development across the continent.
Through non-dilutive funding, mentorship, and networking, the BFF has empowered entrepreneurs to overcome barriers, scale their businesses, and contribute to Africa’s digital transformation. The BFF Impact Report demonstrates the pivotal role of the program in strengthening the continent’s startup ecosystem, enabling businesses to compete globally and attract significant investment.
Country director, West Africa, Google for Startups, Olumide Balogun, at the BFF Alumni Summit, on Tuesday, in Nairobi, remarked, “The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity. The BFF Impact Report reflects the incredible progress Black entrepreneurs have made, and how the right resources can empower them to lead Africa’s digital future. The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow.”
Despite Africa’s growing recognition as a hub for innovation, Black entrepreneurs continue to face substantial barriers, with access to capital remaining a key challenge. African startups raise less than one percent of global venture capital, and women-led and marginalised entrepreneurs are particularly underrepresented. Limited access to mentorship, networks, and markets exacerbates these difficulties, often hindering talented entrepreneurs from scaling their businesses.
However, initiatives like the BFF are driving systemic change. Through non-dilutive funding, mentorship, and an expansive network, the BFF has empowered over 220 startups, enabling them to scale faster and break down these barriers.
Black Founders Fund manager Europe, Google for Startups, Mariama Boumanjal, said, “The BFF Impact Report proves that with the right support, Black founders can not only overcome these challenges—they can lead the way in innovation, job creation, and economic development.”
Key Highlights from the BFF Impact Report showed
6,000+ jobs created by BFF-supported startups, with 7x growth in employment since 2021; $379 million raised collectively by BFF companies, including $61 million raised by 21 AI-first startups; 61 percent faster growth for BFF companies over a 3-year period compared to industry peers; 50.4 percent of leadership roles in African BFF companies are held by women, with 68 percent of startups being women-led or having a female co-founder.Kenya leads in follow-on funding with 26 BFF-supported startups cumulatively raising nearly $100 million, employing 1,073 people.
The BFF Impact Report also highlights the diverse industries where BFF startups are making significant contributions, including Fintech, Healthtech, Agritech, and AI. By providing entrepreneurs with the resources and connections they need, the Black Founders Fund is helping to nurture the next generation of tech leaders who are shaping Africa’s digital future.
Head of Startup Ecosystem for Africa at Google, Folarin Aiyegbusi said, “This report is a celebration of the incredible work being done by Black founders across Africa. The BFF Impact Report proves that, when we invest in these entrepreneurs, we’re not only helping individual startups, but we’re driving systemic change within the broader African tech ecosystem.”