US-listed Alphabet’s search engine subsidiary Google has made its first investment from $50m Africa Investment Fund.
The fund has invested an undisclosed amount in Uganda-based SafeBoda.
In May 2019, Go-Ventures and Allianz X, subsidiaries of ride hailing service Go-Jek and insurance firm Allianz, respectively, provided an undisclosed amount of series B funding for Uganda-based on-demand ride platform SafeBoda.
Non-profit innovation fund Global Innovation Fund supplied $230,000 of convertible note financing for SafeBoda in 2016, and undisclosed sources told Digest Africa it also raised $1.1m from unnamed investors in January 2018.
Before launching the fund, Alphabet ran the Google for Startups Accelerator Africa program, which has supported more than 80 startups in seed to series A stages with equity-free mentorship and resources. Collectively, these startups have gone on to raise more than $100m in venture capital.
Google also recently launched Black Founders Fund, a non-dilutive $3m fund allocated to 50 startups per year.
