Blue EconomyNews

Black Founders Fund Alumni Summit Showcases African Startup Success

1 Mins read

By Bunmi Yekini

The Black Founders Fund (BFF) Alumni Summit, hosted at iHub in Nairobi, celebrated the transformative impact of Black-led startups across Africa. The event, attended by 45-50 alumni from countries including Kenya, Nigeria, South Africa, and Uganda, unveiled the BFF Impact Report, underscoring the pivotal role these startups play in driving innovation, creating jobs, and fueling Africa’s digital economy.

The report revealed that startups supported by the BFF have collectively raised $379 million, created over 6,000 jobs, and grown 61% faster than their peers. These figures highlight the success of the initiative in fostering scalable businesses and enabling African startups to compete on a global stage.

Olumide Balogun, Country Director for West Africa at Google for Startups, stated, “The Black Founders Fund is not just about financial support, it’s about creating an ecosystem of innovation, job creation, and opportunity. The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow.”

Key findings from the report spotlighted Kenya’s leadership in follow-on funding, with 26 BFF-backed startups raising nearly $100 million and employing 1,073 people. Other notable achievements include 50.4% of leadership roles in African BFF startups being held by women, and 68% of the startups being women-led or co-founded.

Despite these successes, the summit also highlighted ongoing challenges, particularly limited access to capital, mentorship, and markets for Black entrepreneurs. The BFF has sought to bridge these gaps through non-dilutive funding, mentorship, and networking opportunities.

Mariama Boumanjal, Black Founders Fund Manager for Europe at Google for Startups, emphasized:
“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.”
The event also provided a platform for discussions between industry leaders, investors, and policymakers about the future of Africa’s tech ecosystem.

Folarin Aiyegbusi, another key advocate for the initiative, shared: “This report is a celebration of the incredible work being done by Black founders across Africa. When we invest in these entrepreneurs, we’re not only helping individual startups but driving systemic change within the broader African tech ecosystem.”

The summit concluded with a gala dinner honoring the achievements of BFF alumni.

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