Grace Ashiru
The first, The Dutch Entrepreneurial Development Bank (FMO), a prominent impact investor that promotes sustainable private sector growth in emerging economies, has formed a partnership with Startupbootcamp, the biggest pan-African technology accelerator, in preparation for the third iteration of the Africa Startup Initiative Accelerator Program, which is intended to identify talent and scale early-stage technology firms in Africa.
Africa’s thriving startup ecosystem needs help from many places to expand rapidly and sustainably.The continent has very high growth rates, and by the end of July 2022, it is expected to have recorded 370 deals worth more than $3 billion.
One of the most critical aspects that enable companies to scale and innovate is the contribution made by ecosystem enablers such as Startupbootcamp Afritech. Assisting enablers is also an essential element of the development process.
The Dutch government runs the Ventures Program and MASSIF through the Financial Inclusion Fund (FMO).
FMO invests in inclusive business models and works with intermediaries to give the expertise that improves business operations and fosters a more lively environment for startups.
Marieke Roestenberg, the manager of the Ventures Program, commented on this matter by saying that “as part of our efforts to establish an entrepreneurial ecosystem, FMO was eager to support Startupbootcamp AfriTech in expanding their activities into other middle-tier markets.”
This cooperation is a chance to deliver more excellent acceleration of a world-class level to entrepreneurs working to build businesses that create jobs and improve the standard of living for their families and communities.
ASIP Accelerator is a program supported by partners such as DER/FJ, AWS, and Google. The program imports for the next generation of early-stage African tech startups to disrupt key industry verticals. These verticals include FinTech, InsureTech, AgriTech, Climate-tech, eCommerce, Digital Health, and CleanTech.
Following in the footsteps of FMO, SBC Africa has made the digitization of the informal sector, mobility, and micro leasing some of its primary areas of concentration.
This cooperation is highly significant for several reasons, the most important of which is that our priorities coincide with those of FMO, particularly regarding the region in which we operate. Philip Kiracofe, the other co-founder of SBC Afritech, believes that with their help, the company will continue to fulfill its mission of providing disruptive solutions to entrepreneurs.
When they have been chosen, participants will spend the next three months receiving rigorous coaching through expert-led seminars covering topics related to scaling, such as the business model canvas and lean methods, as well as fundraising.
In addition, startups will have access to the Accelerator Squared platform, a customized coaching tool developed by SBC. This platform features comprehensive library content library workshops, one on mentorship , collaborative with Entrepreneurs in Residence, and invite-only discussion forums with founders worldwide.
In addition to this, seasoned mentors and devoted entrepreneurs-in-residence(EIRs) will provide individualized help. The ten startups in the program will also get more than $750,000 worth of benefits, such as credits from AWS and Google Cloud Services and an investment of $18,000 in cash.
Cohort 2 started in April 2022, and 11 award-winning African startups like Neural Labs Africa, Proxalys, Parcsmart, and Powerstove went through the 3-month program. This led to a successful demo day on July 6 in Senegal, where startups showed off their new ideas and business models to a network of critical African players in the tech startup ecosystem.
So far, the company has won awards at the GITEX North Star Dubai Startup Pitch Competition, raised money with UNICEF and Lion’s Den Nigeria, formed partnerships with government organizations, and more. The SBC Afritech Accelerator has helped 50 African startups finish in the last five years. Ninety percent of the alums are still in business and growing, and SBC portfolio companies have raised more than $110 million in follow-on funding.
With this track record, SBC is one of the most successful early-stage programs on the continent, and the fund has done as well in the top 5% of Silicon Valley VC funds for investors.
Applications can now be submitted online at sbcafritech.com for the third cohort. More than ten countries across the African continent will play host to SBC AfriTech’s FastTrack scouting events. These countries include Nigeria, Kenya, Ivory Coast, Ghana, Morocco, Tanzania, and Ethiopia.
