The Black Founders Fund (BFF) Alumni Summit held at iHub in Nairobi today revealed the BFF Impact Report, showcasing the success and progress of Black-led startups across Africa. The annual event brought together 45-50 alumni from countries including Kenya, Nigeria, South Africa, and Uganda to celebrate their achievements and discuss the future of Africa’s digital economy.
The report highlights the significant impact that targeted support for Black entrepreneurs has had on the African tech ecosystem. BFF-supported startups have raised a total of $379 million, created over 6,000 jobs, and grown 61% faster than their peers. These results underscore the importance of strategic investment in nurturing sustainable innovation and fostering scalable business growth.
The Black Founders Fund has empowered entrepreneurs through non-dilutive funding, mentorship, and networking opportunities, helping them overcome barriers and contribute to Africa’s digital transformation. Olumide Balogun, Country Director for West Africa at Google for Startups, commented, “The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity. The progress 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 still face significant challenges, particularly access to capital. African startups receive less than 1% of global venture capital, with women-led and marginalized entrepreneurs especially underrepresented. Limited access to mentorship, networks, and markets further hinders the growth of many promising startups.
However, initiatives like the Black Founders Fund are working to dismantle these barriers. Over 220 startups have been empowered through the BFF, enabling them to scale faster and access critical resources. Mariama Boumanjal, Black Founders Fund Manager Europe at Google for Startups, 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:
– BFF-supported startups have created over 6,000 jobs, with a 7x increase in employment since 2021.
– These companies have raised $379 million, including $61 million by 21 AI-first startups.
– BFF companies have grown 61% faster than industry peers over the past three years.
– 50.4% of leadership roles in BFF companies are held by women, and 68% of startups are women-led or have a female co-founder.
– Kenya leads in follow-on funding, with 26 BFF-supported startups raising nearly $100 million and employing 1,073 people.
The report also highlights the diverse sectors where BFF startups are making strides, including fintech, healthtech, agritech, and AI.
Folarin Aiyegbusi, a key figure at the event, expressed, “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.”
The summit also featured discussions with industry leaders, investors, and policymakers about the challenges and opportunities facing African startups. It provided valuable networking and collaboration opportunities, fostering connections that will drive future growth. The event concluded with a gala dinner, celebrating the achievements of BFF alumni and strengthening ties between investors, startups, and other key stakeholders in the ecosystem.
