Sylvia Duruson
Renowned startup accelerator Techstars Toronto has chosen 10 African companies among 24 total for its highly competitive 2023 summer program. The inclusion of these African innovators highlights Techstars’ ongoing commitment to developing entrepreneurship and technology ecosystems across the continent.
The selected startups hail from Nigeria, Ghana, Kenya, Ethiopia, and South Africa. They address diverse challenges in finance, real estate, shipping, and more.
Techstars Toronto Managing Director Sunil Sharma reaffirmed the accelerator’s focus on propelling innovation globally, not just in Canada. With an acceptance rate of only 1-2%, Techstars plays a key role in shaping tech landscapes worldwide.
Since launching in 2017, the Toronto accelerator has invested in 40 African startups, making its first bet on the Nigerian payments platform Korapay in 2019. Other alumni include Nigerian crypto exchange Quidax and cross-border fintech Fliqpay.
Beyond funding, the program provides extensive mentorship and opportunities for startups to showcase their solutions to investors during Demo Day events in October. The 2023 cohort will highlight technologies tackling pressing needs across international finance, immigration, healthcare, transportation, and sustainability.
For example, Nigerian startup Payfi increases affordable student housing access, while Ghana’s Seso applies AI to boost real estate market transparency. Others are modernising insurance claims, construction supply chains, drone delivery, and more.
The “Global Diaspora” themed cohort underscores Techstars’ worldwide scope as a network of over 40 accelerators. Though Toronto retains Canadian talents, its global appeal attracts visionary founders worldwide.
To date, Techstars’ accelerators have invested in approximately 76 African startups, signalling enduring engagement with the continent’s burgeoning innovation ecosystems.
The latest selections demonstrate Techstars Toronto’s ripening experience supporting African tech ventures across sectors and geographies. As alumni like Flutterwave and Cowrywise illustrate, the accelerator’s guidance and resources provide startups with invaluable leverage to scale regionally and globally.
While Africa already claims unprecedented tech growth, access to platforms like Techstars’ accelerators unlocks greater capacity. By embracing African innovation, Techstars Toronto plays a key role in empowering ventures to deploy technologies shaping the continent’s development and connectedness.
