Economy

Google Picks Awabah, LifeBank, Flex Finance, Others for $4m Funding Support

Published

3 years ago

06/09/2022

By Aduragbemi Omiyale

A total of 60 startups established by entrepreneurs of African origin have been selected by a tech giant, Google, for the second cohort of Google for Startups Black Founders Fund (BFF) for Africa.

The beneficiaries will have the opportunity to have a share of the $4 million in funding support to assist their companies to expand their operations to other regions.

A digital pensions platform from Nigeria, Awabah, is among the startups chosen by Google for the programme and will join others to undergo a 6-month training programme that includes access to a network of mentors to assist in tackling challenges that are unique to them.

The 60 startups from Botswana, Cameroon, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal, South Africa and Uganda will also be part of tailored workshops, support networks and community-building sessions.

According to Google, the 60 grantees, made up of 50 per cent women-led businesses, will also receive non-dilutive awards of between $50,000 and $100,000 and up to $200,000 in Google Cloud credit.

The beneficiaries were taken from various sectors such as fintech, healthcare, e-commerce, logistics, agtech, education, hospitality and smart cities.

Business Post gathered 23 startups were picked from Nigeria, 12 from Kenya, six from Rwanda, five from South Africa, four from Uganda, three each from Cameroon and Ghana, two from Ethiopia and one each from Botswana and Senegal.

The Google for Startups scheme was launched in April 2012 and has created over 4,600 jobs and raised more than $290 million in funding.

The Google for Startups Black Founders Fund programme will introduce the grantees in Africa to Google’s products, connections, and best practices which will help the founders to level the playing field as they build better products and services that add value to the African economy.

The Head of Startup Ecosystem, SSA for Google, Folarin Aiyegbusi, while commenting on the initiative, stated that, “Africa is a diverse continent with massive opportunity but the continent is faced with the challenge of limited diversity in venture capital funding flow.

“We hope that the Black Founders Fund program will be able to bridge the gap of disproportionate funding between ex-pat startups over local and black-led companies.”

Funding for the Google for Startup Black Founders Fund will be distributed through Google’s implementation partner, CcHUB.

“The equity-free cash assistance to startups will enable them to take care of immediate needs such as paying staff, funding inventory, and maintaining software licences. This is to help the grantees buffer the cost of taking on debt in the early stages of their business as many of them do not have steady revenue streams yet,” Aiyegbusi disclosed.

“Programs like the Black Founders Fund enhance the African ecosystem – where we currently have gaps in funding and infrastructure. Google getting involved and throwing its might behind thriving entrepreneurs in Africa is a beautiful thing, and I am very happy that Google has continued the Black Founders Fund in Africa initiative in 2022,” the CEO of MyMedicines and alumni of the 2021 BFF program, Abimbola Adebakin said.

Below is the list of the 60 startups selected for the programme:

S/N	Name	Country	About
1.	Agrikool	South Africa	Agrikool is an agritech platform that connects farming producers and buyers to a fair and reliable market.
2.	Ajua	Kenya	Ajua is an end-to-end operating system for SMEs to build a credible online presence, get feedback on their businesses and manage the relationship with their customers
3.	Awabah	Nigeria	Awabah is a digital pensions platform for Africa’s workforce
4.	BAG Innovation	Rwanda	BAG Innovation is a virtual and gamified platform that offers real-time access to experiential learning for university students and recent graduates
5.	Bailport	Rwanda	Baliport is a cross-border, multi-currency payment platform focused on enabling intra-Africa & Africa outbound money transfers through blockchain.
6.	Bee	Cameroon	Bee finances motorcycles to drivers while also providing training and access to jobs.
7.	Bookings Africa	Nigeria	Bookings Africa enables Africa’s gig workforce to digitise and monetize their skills by connecting clients efficiently and transparently to skilled talent across Africa.
8.	Brastorne	Botswana	Brastorne connects the unconnected in Africa, enabling rural villages to have access to the digital world without smartphones or data.
9.	Built	Ghana	Built enables access to business and financial tools for Sub-Saharan African small and medium-sized businesses (SMBs).
10.	BuuPass	Kenya	BuuPass is a travel startup – building digital rails for Africa’s intercity transport industry and supporting bus, train & flight transportation
11.	Cauri Money	Senegal	Cauri Money is a cashless remittance platform helping African migrants move money from around the world into mobile wallets in Africa.
12.	Clafiya	Nigeria	Clafiya connects individuals, families, and businesses to health practitioners – enabling access to convenient, quality, and affordable, on-demand primary care from their mobile phones
13.	ClinicPesa	Uganda	ClinicPesa provides an easy-to-use platform where low-income users can set aside funds as low as $0.30 daily dedicated towards healthcare and get access to healthcare loans
14.	COVA	Cameroon	COVA is a digital insurance platform that enables partner businesses to easily and seamlessly deliver insurance products to their users
15.	CreditAIs	South Africa	CreditAIs provides credit scoring tools for micro-businesses and individuals that do not fit the existing traditional credit scoring models
16.	DohYangu	Kenya	DohYangu enables end consumers in Africa to shop FMCG products & get cashback rewards at various retail stores, saving up to 25%
17.	Easy Matatu	Uganda	Easy Matatu provides a mobile platform that allows commuters to book and pay for scheduled rides on vetted and inspected minibuses
18.	Eden Life	Nigeria	Eden Life provides an operating system for receiving and rendering essential services in Africa – focused on offering food, cleaning, laundry, and beauty services to their customers.
19.	Estate Intel	Nigeria	Estate Intel provides reliable data to businesses that are investing or operating in the African real estate space.
20.	Eversend	Uganda	Eversend is a neobank, providing critical financial products in Sub-Saharan Africa – including cross-border financial services.
21.	Exuus	Rwanda	Exuus empowers informal saving groups with a digital ledger, digital wallet, decentralised social credit score, and instant micro-loans to both groups and individuals.
22.	Flex Finance	Nigeria	Flex Finance helps businesses in Africa to manage approval workflow, access credit, issue corporate cards to employees and make disbursements all from one platform.
23.	FlexPay	Kenya	FlexPay is a merchant-embedded digital savings platform that rewards customers for saving up for purchases – a save now buy later (SNBL) solution at checkout.
24.	Gamr	Nigeria	Gamr is an eSports tournament aggregation platform, helping African gamers discover tournaments they can play in and get rewarded for.
25.	Garri Logistics	Ethiopia	Garri Logistics matches shippers looking to move cargo with vehicle owners and drivers, while finding optimal route pairings to reduce empty miles.
26.	Haul 247	Nigeria	Haul247 is a logistics platform that connects manufacturing companies and farmers with trucks and warehouses.
27.	Healthlane	Cameroon	Healthlane provides advanced comprehensive health screening and personalised plans, biometric monitoring, genetic analysis as well as in-person and virtual visits with top-rated doctors .
28.	Healthtracka	Nigeria	Healthtracka is a platform that allows users access on-demand healthcare services in the comfort of their homes.
29..	HerVest	Nigeria	HerVest offers a highly secured, women-focused financial platform that enables women to participate in key financial services, with a focus on female farmers.
30.	Kapsule	Rwanda	Kapsule is a data as a service company that helps healthcare providers, insurers, and pharmaceutical companies to make better decisions
31.	Keep IT Cool	Kenya	Keep IT Cool is an early-stage, fast-growing social enterprise that leverages technology to strengthen the African aquaculture and poultry value chain through cold chain and storage
32.	KUDIGO	Ghana	KUDIGO offers an omni-channel digital commerce platform to empower micro and small businesses in Africa
33.	Kyshi	Nigeria	Kyshi provides multi-currency accounts and remittance services to and from Africa
34.	Leja	Kenya	Leja is an Android/USSD application enabling African micro-entrepreneurs to digitise all their business transactions and manage all their finance in one place
35.	LifeBank	Nigeria	LifeBank leverages technology to provide value in multiple segments (production, marketplace and distribution) of the healthcare supply chain such as blood, oxygen and medical supplies
36.	Mapha	South Africa	Mapha provides delivery as a service to businesses in peri-urban & township areas
37.	Norebase	Nigeria	Norebase provides a single digital platform and technology tools for entrepreneurs and businesses to start, scale, and operate in any African country and the United States.
38.	OneHealth	Nigeria	OneHealth is an online pharmacy & healthcare platform that provides access to medicines, healthcare information, and solutions (Laboratory services & Doctors) to the last mile patient.
39.	PesaChoice	Rwanda	PesaChoice bridges the gap in liquidity for low-middle income earners across the continent and drives access to financial services.
40.	Pindo	Rwanda	Pindo is a cloud communication platform for businesses, optimised for developers.
41.	Pivo	Nigeria	Pivo is a credit focused digital bank for trade, supporting businesses across Africa
42.	QShop	Nigeria	QShop is an easy to use DIY e-commerce platform designed to help small and medium-sized businesses scale and sell better online.
43.	Rekisa	South Africa	Rekisa helps businesses create their e-commerce websites and assists them with various digital marketing activities
44.	Scrapays Inc	Nigeria	Scrapays is creating operating system infrastructure for the recycling value chain in developing nations.
45.	Shiip	Nigeria	Shiip leverages web, mobile and API technology to connect individuals & businesses to delivery services in and out of Africa
46.	Solutech (Kenya):	Kenya	Solutech helps field-sales teams to sell more efficiently by leveraging powerful insights while providing FMCG companies with real-time data for day-to-day and strategic decision-making.
47.	Spleet	Nigeria	Spleet leverages a ‘Rent Now, Pay Later’ model to drive its mission to ensure that every African can afford a space to live in.
48.	Stears	Nigeria	Stears is a financial intelligence company providing subscription-based content & data to global professionals. Its mission is to build the world’s most trusted provider of African data.
49.	Synnefa	Kenya	Synnefa is building Africa’s first mini-farm ERP connected to IoT sensors that provide soil data which is combined with farmer activity data to create a farmer experience score that is passed on to financial partners to use on their credit score.
50.	Technovera	South Africa	Technovera is an innovative tech startup focused on technology inclusion through the development of simple technologies aimed at improving last mile access in Africa.
51.	TERAWORK	Nigeria	TERAWORK is an online freelance marketplace focused on matching freelancers to service buyers.
52.	TIBU Health	Kenya	TIBU Health is an omnichannel healthtech company connecting patients to healthcare services and professionals at a time and location of their choosing.
53.	Topset Education	Nigeria	Topset Education is an edtech platform that makes quality education accessible to Africans everywhere.
54.	TopUp Mama	Kenya	TopUp Mama enables restaurants in Africa to purchase food supplies, access financial services and manage their business.
55.	Wellahealth	Nigeria	Wellahealth provides technology and financial tools to healthcare providers and patients to enable affordability and accessibility of healthcare in emerging markets.
56.	Xente	Uganda	Xente is a digital financial platform with in-built spend management to support businesses across Africa
57.	Zanifu	Kenya	Zanifu enable SMEs to purchase inventory and pay later
58.	ZayRide	Ethiopia	ZayRide is a customer centric on-demand taxi service offering fast, convenient service throughout local areas in Ethiopia
59.	Zuberi	Ghana	Zuberi is a fintech platform based out of Accra, built to provide financial products and services to salaried workers in a way they have never experienced before
60.	Zuri Health	Kenya	Zuri Health provides affordable and accessible healthcare services to patients across Sub-Saharan Africa via mobile app, website, Whatsapp chatbot and SMS service.

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Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

2 Comments

Economy

NGX Index Rallies by 0.24% as Investors Chalk up N175bn

Published

29 minutes ago

21/06/2025

Dipo Olowookere

By Dipo Olowookere

The last trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note on Friday with a 0.24 per cent rise.

During the trading day, the market capitalisation of Customs Street was up by N175 billion to N74.534 trillion from the N74.359 trillion recorded on Thursday.

In the same vein, the All-Share Index (ASI) of the local bourse increased by 277.09 points to 118,138.22 points from 117,861.13 points due to sustained bargain-hunting by investors in the banking and commodity sectors.

Data showed that the banking index went up by 1.65 per cent and the commodity sector appreciated by 0.75 per cent.

However, the insurance industry weakened by 1.07 per cent, the industrial goods space lost 0.76 per cent, and the consumer goods and energy counters fell by 0.16 per cent each.

Legend Internet grew by 10.00 per cent to sell for N7.92, Ellah Lakes appreciated by 9.90 per cent to N5.33, Champion Breweries expanded by 9.63 per cent to N8.20, Guinea Insurance rose by 8.70 per cent to 75 Kobo, and eTranzact gained 7.52 per cent to settle at N7.15.

On the flip side, Sunu Assurances declined by 8.62 per cent to N4.56, Northern Nigeria Flour Mills lost 8.00 per cent to trade at N93.20, Thomas Wyatt moderated by 7.83 per cent to N2.00, Livestock Feeds retreated by 6.90 per cent to N8.10, and NEM Insurance contracted by 5.03 per cent to N17.00.

A total of 487.1 million units of shares worth N18.7 billion exchanged hands in 17,421 deals yesterday compared with the 894.0 million units of shares valued at N22.0 billion transacted in 17,257 deals in the previous day, indicating an improvement in the number of deals by 0.95 per cent, and a contraction in the trading volume and value by 45.52 per cent and 15.00 per cent, respectively.

The busiest stock for the session was Fidelity Bank, which traded 38.3 million units valued at N741.5 million, CWG exchanged 25.0 million units for N230.8 million, Zenith Bank transacted 24.9 million units worth N1.2 billion, Coronation Insurance sold 24.4 million units valued at N48.7 million, and Access Holdings traded 23.6 million units worth N517.9 million.

Economy

FrieslandCampina Lifts NASD Index by 0.03%

Published

7 hours ago

21/06/2025

Adedapo Adesanya

By Adedapo Adesanya

FrieslandCampina Wamco Nigeria led the NASD Over-the-Counter (OTC) Securities Exchange to a 0.03 per cent growth on Friday, June 20.

During the session, the NASD Unlisted Security Index (NSI) went up by 24.15 points to close at 3,320.91 points, in contrast to the previous day’s 3,319.78 points while the market capitalisation added N670 million to finish at N1.944 trillion compared with the N1.943 trillion quoted at the preceding session.

Business Post reports that the share price of FrieslandCampina Wamco Nigeria Plc was up by 34 Kobo yesterday to N69.38 per unit from N69.04 per unit.

In the final trading day of the week, the volume of securities decreased by 14.9 per cent to 223,039 units from the 262,134 units traded a day earlier, but the value of securities soared by 233.2 per cent to N15.2 million from N4.6 million, and the number of deals slumped by 16 per cent to 21 deals from 25 deals.

At the close of transactions, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units sold for N524.7 million, followed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and Geo-Fluids Plc with 268.5 million units worth N475.8 million.

Okitipupa Plc was also the most traded stock by value on a year-to-date basis with 153.7 million units valued at N4.9 billion, trailed by Air Liquide Plc with 507.2 million units traded at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 40.5 million units sold for N1.7 billion.

Economy

Naira Appreciates to N1,547/$1 at NAFEM, N1,580/$1 at Parallel Market

Published

7 hours ago

21/06/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira improved its value against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, June 19 amid forex liquidity strain.

During the trading session, the domestic currency gained N2.84 or 0.18 per cent against the greenback in the official market to settle at N1,547.71/$1, in contrast to the N1,550.55/$1 traded in the previous day.

In the same vein, the Nigerian Naira gained N2.76 against the Pound Sterling at NAFEM yesterday to quote at N2,081..36/£1 versus Thursday’s closing price of N2,084.12/£1 and closed flat against the Euro to finish at N1,799.35/€1.

Also, in the parallel market, the Naira appreciated against the Dollar on Friday by N5 to sell for N1,580/$1 compared with the N1,585/$1 it was exchanged a day earlier.

This week, the Naira performed well due to continued investor confidence and market optimism boosted by better non-oil exports over the last few months and offshore FX inflows, which eased forex pressure.

In the week, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025 from the 23.71 per cent recorded in April 2025.

In addition, the Central Bank of Nigeria (CBN) signalled that the health of the country’s banking system was okay amid fears of dividend pause for banks facing possible distress.

Meanwhile, the cryptocurrency market turned bearish on Friday following escalating geopolitical tensions — triggered by Israel launching airstrikes on Iran last Thursday — caused cryptos to drop.

The tensions have only been mounting since, with US President Donald Trump calling for Iran’s “unconditional surrender” and threatening Iran’s supreme leader, Ayatollah Ali Khamenei.

Ethereum (ETH) lost 3.8 per cent to sell at $2,424.38, Solana (SOL) fell by 3.5 per cent to close at $140.31, Dogecoin (DOGE) slumped by 2.8 per cent to $0.1630, and Cardano (ADA) declined by 1.3 per cent to trade at $0.5836.

Further, Bitcoin (BTC) tumbled by 1.1 per cent to close at $103,555.63, Ripple (XRP) went down by 0.6 per cent to $2.12, Litecoin (LTC) shrank by 0.6 per cent to $83.97, and Binance Coin (BNB) slid by 0.3 per cent to $643.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.