Google Sets Up USD 50 Mn Fund To Invest In African Startups

Google announced that it plans to invest up to USD 50 Mn in African early- and growth-stage startups via its Africa Investment Fund, in an effort to support more businesses on the continent. So far, 50 startups have been selected to participate in the Africa program starting on October 13th. Each will receive up to USD 100 K in equity-free capital along with credits from Google Cloud, Google.org ads grants, and additional support. According to Google, 40% of the 50 startups are run by women, representing nine countries and 12 industries.