Google launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies.
Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent’s digital transformation.
Nitin Gajria, Managing Director for Google in Africa, said, “The company would among others, target startups focusing on fintech, ecommerce and local language content. We are looking at areas that may have some strategic overlap with Google and where Google could potentially add value in partnering with some of these startups.”
The unit of U.S. tech company Alphabet Inc, made the announcement at a virtual event where it launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies.
