The Black Founders Fund Alumni Summit, held at iHub in Nairobi, today showcased the unveiling of the BFF Impact Report, highlighting the significant progress and success of Black-led startups across Africa.
This annual event brought together 45-50 alumni from across the continent including Kenya, Nigeria, South Africa, Uganda to celebrate their achievements and discuss the future of Africa’s digital economy, with a spotlight on the role of these startups in driving innovation, job creation, and scalable business growth.
The BFF Impact Report offers a comprehensive look at the remarkable impact that targeted support for Black entrepreneurs has had on the African tech ecosystem. The report reveals that BFF-supported startups have collectively raised $379 million, created more than 6,000 jobs, and experienced 61% faster growth than their peers, underscoring the importance of strategic investment in fostering sustainable innovation.
Through non-dilutive funding, mentorship, and networking, the Black Founders Fund 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.
Olumide Balogun, Country Director, West Africa, Google for Startups, 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 1% 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 Black Founders Fund 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. Mariama Boumanjal, Black Founders Fund Manager Europe, 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:
- 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% faster growth for BFF companies over a 3-year period compared to industry peers.
- 50.4% of leadership roles in African BFF companies are held by women, with 68% 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.
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.”
The Black Founders Fund Alumni Summit also featured discussions with key industry leaders, investors, and policymakers about the ongoing opportunities and challenges facing African tech startups. The event provided valuable networking and collaboration opportunities for attendees, helping to further build the connections that will drive future growth in the ecosystem.
The summit also included a gala dinner, highlighting the achievements of BFF alumni, and further strengthening the connections between investors, startups, and key ecosystem players.
