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BFF Impact Report Highlights Success of Black-Led Startups Across Africa
Black Founders Fund Alumni Summit, held at iHub in Nairobi, 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.
In honour of the 2025 International Day of the Girl Child, Glo Foundation, is investing millions to promote Science, Technology, Engineering, and Mathematics (STEM) education among girls in Nigeria.
Towards this end, the foundation is launching the ‘Glo Innov8’ National STEM Competition for Girls in Senior Secondary Schools, with a prize of N5 million, to be won by the top performing schools.
The competition is designed to give young women the confidence and knowledge to compete, innovate and succeed in STEM as well as boost their confidence and knowledge.
As a statement from the foundation explained that “it is our modest way at Glo Foundation of celebrating and encouraging the girl child to focus more on the studies of STEM subjects and pursue careers in these areas in future so as to become problem solvers for the country,” the foundation added.
The top school with the best idea will receive a prize of N2,000,000, along with a laptop for each of the two students representing the school. The teacher or mentor for the winning team will also receive a N200,000 prize. The second and third-place schools will be awarded consolation prizes.
Registration for the competition, which began on Monday, September 15, is open to all senior secondary schools in Nigeria and will conclude on October 5, 2025. To register for a chance to win, all that secondary schools have to do is visit https://glo-foundation.com/glo-innov8/ and fill the form, to STEM their way to N5,000,000.
At the Port Harcourt auditions of Next Afrobeats Star, hopefuls stepped onto the stage not just to perform, but to be seen by a platform that understands their dreams. At the heart of that platform is MTN Nigeria.
Contestants praised MTN’s role in shaping their journeys. Fadda, a local singer aiming for the Lagos finals, said: “Everybody sees what MTN is doing with talent shows. Nobody else is doing it at this scale. They are investing in us and giving us a chance to shine.”
Gift from Okrika expressed gratitude to MTN, Ultima Studios and ONErpm for creating a structured opportunity where young voices can be heard. “This is a great opportunity, and I know every one of us here will give our best,” she said.
The scale of the competition highlights MTN’s ambition. The winner will receive a $100,000 ONErpm record deal, along with mentorship and production support from leading producers including Sarz, P.Priime, Puffy Tee and Andre Vibez.
Contestants advance through multiple stages, starting with online submissions and regional auditions, followed by a versus round, an original song challenge and a live top-12 showcase. Each step offers exposure and professional development that are often out of reach for many young Nigerians.
MTN’s investment comes at a time when Nigeria’s entertainment and media industry is expanding rapidly. The sector was valued at US$9 billion in 2023 and is projected to grow to US$13.6 billion by 2028, according to PwC.
Jobberman estimates that the industry already employs over 4.2 million people and is expected to add another 2.7 million jobs by 2026–2027.
Afrobeats has been a major driver of this growth. Nigerian music exports have grown by 49 per cent in the past three years, according to BusinessDay. Streaming platforms such as Spotify report significant increases in royalties, with Nigerian content enjoying a surge in both local and international consumption.
By launching Next Afrobeats Star, MTN is reinforcing its identity as more than a technology company. It is positioning itself as a key player in talent development and cultural promotion, helping to take Afrobeats from a local passion to a global phenomenon. Through this initiative, MTN is connecting young Nigerians not just to networks, but to their own futures.
Airtel Africa Foundation, the philanthropic arm of Airtel Africa plc, yesterday unveiled its plans to directly improve the lives of 10 million people across the continent by 2030. The strategy will be delivered through targeted initiatives under four core pillars namely Financial Empowerment, Education, Environmental Protection and Digital Inclusion (FEED).
Outlining the ambitious target, Dr. Segun Ogunsanya, Chairman of the Airtel Africa Foundation, stated, “Our 2030 vision is a transformed Africa where over 10 million lives are directly improved through our interventions. We are not just donating resources, we are building a pipeline of talent and fostering innovation to ensure the global digital revolution leaves no African behind. This is a strategic, measurable commitment to unlocking the continent’s demographic dividend.”
The Foundation’s mission will be executed by creating a cycle of empowerment through targeted programmes. These include ‘Connecting Schools’, which provides free connectivity and devices, and the ‘Airtel Africa Fellowship’, offering full undergraduate scholarships in tech and STEM fields, complemented by mentorship and internships.
A key early success underscoring the Foundation’s impact is its ongoing partnership with UNICEF. This collaboration has already connected more than 1,800 schools, benefitted over one million students, and trained more than 17,000 teachers in digital education across the Foundation’s 14 markets of operation.
In addition, the Foundation will leverage its dedicated Employee Volunteer Programme, channelling the skills and passion of its people directly into community initiatives. For the 2025/26 financial year, the Foundation has set specific expansion targets, with programmes now active across all its operating countries, from Nigeria to Zambia, Malawi, Rwanda, and the Democratic Republic of the Congo.
Commenting on the company’s support for the Foundation, Airtel Africa’s Chief Executive Officer, Sunil Taldar, said, “We cannot thrive in a place that is not thriving. This understanding is the very reason the Airtel Africa Foundation was born. It is our vehicle to catalyse transformation, by systematically investing in the pillars that underpin a resilient and dynamic society.
“We have remained dedicated to transforming lives both as a business imperative as well as our overarching philosophy. For us, helping to connect the unconnected, banking the unbanked and enabling businesses and economies to thrive are the three most significant objectives of our business.”
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