The Dutch Business Development Bank (FMO) (https://www.FMO.nl), a leading investor supporting sustainable private sector growth in frontier markets, has partnered with the leading pan-African technology accelerator Startupbootcamp (SBC) AfriTech ( https:// bit.ly/2SxNwkd), for the third installment of the Africa Startup Initiative accelerator program (https://ASIProgram.com), which is designed to find skills and scale early-stage technology startups in Africa.
Africa’s vibrant startup ecosystem needs support from multiple quarters to grow exponentially and sustainably. The continent is characterized by an impressive growth rate, and by the end of July 2022, the continent had recorded approximately 370 deals worth more than $3 billion. The contribution of ecosystem factors such as Afritech’s Startupbootcamp is one of the most important factors that enable startups to scale and innovate. Supporting tools is also an integral part of the development process.
Through the Venture Program (https://bit.ly/3PMkx8h) and MASSIF (https://bit.ly/3dZcRC5), the FMO Financial Inclusion Fund is managed on behalf of the Dutch government. FMO invests in inclusive business models and partners with intermediaries to provide experiences that improve business operations and support a more vibrant startup environment. The partnership with SBC Afritech illustrates FMO’s commitment to empowering Africa’s technology ecosystem.
Commenting on this, Head of Venture Program Marike Rostenberg said: “As part of our efforts to build an entrepreneurial ecosystem, FMO was keen to support Startupbootcamp AfriTech in expanding their activities into mid-market markets. This partnership provides an opportunity to bring more world-class acceleration to entrepreneurs who are committed to building businesses that create jobs and improve livelihoods for their families and communities.”
FMO joins partners such as DER/FJ, AWS and Google in supporting the ASIP Accelerator program, which aims to support the next generation of early-stage African technology startups that are disrupting key industry verticals, including FinTech, InsureTech, AgriTech, Climate -tech, eCommerce, Digital Health and CleanTech. Inspired by FMO, SBC AfriTech has also added mobility, micro-leasing and digitization of the informal economy as key areas.
“Particularly when it comes to our regional focus, the alignment we share with FMO is a key reason why this partnership is so important. With their help, we continue our mandate to empower founders with breakthrough solutions,” says SBC Afritech co-founder Philip Kirakoff.
Once selected, participants will spend 3 months of intensive training through expert-led workshops covering the fundamentals of scaling, from business model outline and lean methodology to fundraising. The program will be held in Senegal, culminating in a hybrid showcase day where startup founders pitch their breakthrough solutions to a wide audience of media, investors, corporate partners and industry stakeholders.
Startups will also have access to SBC’s one-on-one learning tool, Accelerator Squared’s platform, which features a comprehensive content library, group workshops, 1:1 mentoring, co-ed sessions with Entrepreneurs in Residence, and invitation-only discussion forums with founders from around the world. . This is in addition to one-on-one support from experienced mentors and dedicated Entrepreneurs-in-Residence (EIR). The 10 startups in the program will also receive benefits worth more than $750,000, including loans from AWS, Google Cloud Services and a cash investment of $18,000.
Over the past 5 years, 50 African startups have graduated from the SBC Afritech accelerator. 90% of alumni are still in business and expanding, and collectively, SBC’s portfolio companies have raised over $110 million in follow-on funding. This track record makes SBC one of the most successful early-stage programs on the continent, and for investors, the fund ranks in the top 5% of Silicon Valley venture capital funds.
Applications for Cohort 3 will open at SBCAfriTech.com in late August. SBC AfriTech will host FastTrack scouting events in more than 10 countries on the continent, including Côte d’Ivoire, Nigeria, Ghana, Kenya, Morocco, Tanzania and Ethiopia.
Distributed by APO Group on behalf of Startupbootcamp AfriTech.
FMO is the Dutch Business Development Bank. As a leading investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector drives economic and social development and has nearly 50 years of proven track record of empowering people to use their skills and improve their quality of life. FMO focuses on three sectors that have a high impact on development: financial institutions, energy and agribusiness, and food and water. With a €9.3 billion portfolio spanning over 85 countries, FMO is one of the largest bilateral private sector development banks in the world. For more information, please visit www.FMO.nl.
About Startupbootcamp AfriTech
Startupbootcamp AfriTech was launched in 2017 as the first pan-African multi-backed startup accelerator. We run world-class accelerator programs, partnering with some of the continent’s most disruptive startups. We provide access to our global network of corporate partners, investors and mentors. For more information, visit: http://bit.ly/SBCAfriTech
Founded in 2010, Startupbootcamp is a global startup accelerator with 19 programs in locations including Amsterdam, Cape Town, Chengdu, Dakar, Dubai, Istanbul, London, Mexico City, Milan, Mumbai, New York, Rome and Singapore. They make startups global by giving them direct access to an international network of the most relevant partners, investors and mentors in their sector in more than 30 countries. 79% of Startupbootcamp alumni teams are still active and 71% have gone on to raise additional funding from many of the world’s leading VCs and angels.
For more information, visit: www.Startupbootcamp.org
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