The Black Founders Fund (BFF) Alumni Summit unveiled the latest BFF Impact Report, highlighting the transformative role of Black-led startups in Africa’s digital economy.

The report revealed that BFF-supported companies have collectively raised $379 million (Sh1.4 trillion), created over 6,000 jobs, and grown 61% faster than their peers.

The summit brought together 45-50 alumni from Kenya, Nigeria, South Africa, and Uganda to reflect on achievements and shape the future of Africa’s tech ecosystem.

Since its launch, the Black Founders Fund has supported over 220 startups with non-dilutive funding, mentorship, and networking, enabling businesses to scale, create jobs, and address systemic barriers to funding and resources.

The AI ecosystem has achieved growth, raising $379 million, with $61 million from 21 AI-focused startups. Employment in the sector has grown sevenfold since 2021, reflecting its rapid expansion.

Additionally, women are making significant strides, holding 50.4% of leadership roles, while 68% of startups are women-led or co-founded, showcasing progress in fostering gender diversity in the tech industry.

Kenya led in follow-on funding, with 26 startups raising nearly $100 million (Sh12.98 billion) and creating 1,073 jobs.

Agnes Gathaiya, Country Director for East Africa at Google for Startups, noted, “The BFF Impact Report reflects not just financial success but also the broader ecosystem of innovation and opportunity that Black entrepreneurs are building.”

Despite Africa’s emergence as a tech innovation hub, Black founders receive less than 1% of global venture capital, with women-led businesses disproportionately affected.

Mariama Boumanjal, BFF Manager for Europe, emphasized, “The BFF Impact Report proves that with the right support, Black founders can overcome systemic barriers and drive innovation and economic development.”

The report showcased diverse contributions across fintech, healthtech, agritech, and AI, industries shaping Africa’s digital future.