Six Rwandan startups to receive $100,000 Google funding

Six Rwanda startup companies have been selected to receive $100,000 (approx. Rwf100 million) as part of Google funding initiative for African tech companies. They include BAG Innovation, Bailport, Exuus, Kapsule, Pesa Choice, and Pindo. Announced on September 6, some 60 selected African startups will receive $100,000 in non-dilutive cash awards, paired with up to $200,000 in Google Cloud credits per startup, according to a Google statement. Non-dilutive funding refers to any capital a business owner receives that doesn't require them to give up equity or ownership. The startups will also receive hands-on business and technical mentorship from Google’s network of mentors and facilitators, learning the best practices on a range of topics from artificial intelligence, organisational culture, people management, to growth strategies, among others. The initiative, Google for Startups Black Founders Fund in Africa, started in 2021 with the first cohort of 50 startups from nine African countries that have raised more than $87 million and created 518 jobs. Now, this is the second cohort of 60 members with 50 percent women-founded startups, and are set to benefit from a total of $4 billion worth fund. Yussouf Ntwali, Co-founder and CEO of BAG Innovation, said that besides the funding, he looks forward to accessing a huge network of Google experts, mentors, and products. “We definitely look forward to growing with the Google brand and see where it takes us.” The initiative is an additional support for local startups that have often decried lack of funding coupled with inadequate technical and entrepreneurship skills as reasons for failure to take off or sustainability. What the six companies do BAG Innovation is a digital platform that offers real-time access to experiential learning for University students and recent graduates. Bailport is a cross-border, multi-currency payment platform focused on enabling Intra-Africa and African outbound money transfers through Blockchain. Exuus empowers informal saving groups with a digital ledger, digital wallet, decentralised social credit score, and instant micro-loans to both groups and individuals. Kapsule is a data service company that helps healthcare providers, insurers, and pharmaceutical companies to make better decisions. PesaChoice focuses on bridging the gap in liquidity for low-middle-income earners across the continent and drives access to financial services. Pindo is a cloud communication platform for businesses and optimised for developers.

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Six Rwandan startups to receive $100,000 Google funding