The Black Founders Fund (BFF) Impact Report has highlighted the significant achievements of its supported startups, with these businesses raising $379 million, creating over 6,000 jobs, and experiencing 61% faster growth than their peers. These results emphasize the critical role of strategic investment in nurturing innovation and sustainability.
The BFF program, through non-dilutive funding, mentorship, and networking opportunities, has helped entrepreneurs overcome barriers, scale their businesses, and contribute to Africa’s digital transformation. The report showcases how BFF is strengthening the continent’s startup ecosystem, enabling businesses to compete on a global scale and attract considerable investment.
Olumide Balogun, Country Director for West Africa at Google for Startups, spoke at the BFF Alumni Summit in Nairobi, stating, “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 rising profile as a hub for innovation, Black entrepreneurs still face significant challenges, especially when it comes to access to capital. African startups attract less than one percent of global venture capital, with women-led and marginalized entrepreneurs particularly underserved.
These challenges are further compounded by limited access to mentorship, networks, and markets, often preventing talented entrepreneurs from scaling their businesses. However, initiatives like the BFF are driving meaningful change. With non-dilutive funding, mentorship, and an extensive network, BFF has empowered over 220 startups to scale faster and break down these barriers.
Mariama Boumanjal, Black Founders Fund Manager for Europe at Google for Startups, noted, “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.”
Folarin Aiyegbusi, Head of the Startup Ecosystem for Africa at Google, added, “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.”
This report underscores the importance of continued investment and support for African startups, especially those led by Black entrepreneurs, to foster sustainable growth and innovation across the continent.
