Black Founders Fund invests $4m to boost African startups. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Black Founders Fund invests $4m to boost African startups

Google for Startups (GfS) has announced the selection of 25 African-based startups to receive funding from the $4 million Black Founders Fund.

This initiative, according to Google, aims to address systemic racial inequality in venture capital funding by providing equity-free grants and mentorship to early-stage Black-led high-growth businesses in Europe and Africa.

Out of a cohort of 40 start-ups from Europe and Africa, 25 African start-ups have been chosen, to highlight the diverse entrepreneurial spirit across the continent.

This year, 72% of the selected startups are led or co-founded by women, emphasizing the pivotal role women play in shaping Africa’s start-up ecosystem.

The funding provided by the Black Founders Fund will offer these businesses the necessary capital to propel their ventures to the next level, expand into new markets, and foster economic opportunities and job creation.

Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google, expressed enthusiasm about working with this group of innovative founders who utilize technology to solve Africa’s most pressing challenges.

Industry analysts noted that the startups’ distribution represents a diverse range of industries, and will contribute to the growth and development of Africa’s startup ecosystem.

TECH TRIVIA: What type of database stores its data in a single table and as plain text?

A. Flat File
B. Relational
C. Object-Oriented
D. Hierarchical

Answer: see end of post

 

2. Grindstone Ventures partners AAF to launch Green Accelerator Program

Grindstone Ventures, a Cape Town-based accelerator, has joined forces with the Anglo-American Foundation (AAF) to establish a green accelerator program targeting 15 tech-enabled and innovation-driven startups in the environmental sector.

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Scheduled for 2024, the Grindstone accelerator, in partnership with AAF, will span a six-month period, offering entrepreneurs in the green sector a chance to secure funding, access new markets, and gain valuable industry insights.

Grindstone is seeking environmentally-sustainable businesses across various domains, including green buildings and the built environment, sustainable transport and infrastructure, clean energy and energy efficiency, as well as resource conservation and management.

The selected start-ups will receive comprehensive support to enhance their readiness for funding, which includes gap assessment, strategy and people workshops, marketing and sales guidance, funding and valuation sessions, as well as monthly coaching sessions.

Maike von Heymann, Head of the AFF, stated, “Our goal is to work with youth to co-create opportunities and break down barriers, while improving their communities and changing their futures. Climate change both threatens future livelihoods and creates opportunities for innovation and employment.

“By working with partners like Grindstone, we aim to combine fresh thinking and hard evidence to support entrepreneurs’ work in the green sector, while strengthening green value chains and the ecosystem more broadly.”

3. Saudi VMS Acquires Minority Stake in Egyptian Accelerator Cash Cows

Saudi Arabian company, VMS, has announced its acquisition of a minority stake in the Egyptian accelerator Cash Cows as it looks to boost innovation and support startup companies.

This strategic partnership agreement aims to bridge the gap between the Saudi and Egyptian startup sectors and foster the growth of the entrepreneurial ecosystem in both regions.

The collaboration between Cash Cows and VMS brings together a wealth of resources, expertise, and support to empower startups in the Middle East and North Africa (MENA) region and facilitate their success.

Both accelerators, known for their leading roles in the MENA startup landscape, recognize the importance of collaboration and unified efforts in providing the necessary resources and support for startups while navigating the highly competitive market.

As part of this partnership, Cash Cows and VMS will launch a joint platform that fosters collaboration, idea exchange, and mutual learning between the two entities.

In addition, the platform will facilitate access to critical decisions and insights for startups, investors, and entrepreneurs, ensuring their journey towards success.

Trivia Answer: Flat File

A flat file database is a database that stores its contents in a single table. Most flat file databases are formatted as plain text files — each line containing a separate record, and fields separated by delimiter characters like commas or tabs.

Most flat file databases are relatively small due to their simple structure, but very large flat file databases may be used when only a single table is needed.

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