Accelerate Africa selects 10 African startups for pioneer cohort
TLDR
- Accelerate Africa, launched by Iyin Aboyeji and Mia von Koschitzky-Kimani, is the "Y Combinator of Africa" accelerator program.
- The first cohort of ten startups from Nigeria, Kenya, Egypt, and Eswatini, operating in various sectors like AI, cleantech, healthtech, and fintech.
- Demo day held to decide pre-seed or seed funding, with investment opportunities ranging from $250,000 to $500,000 from angel investors and venture capitalists.
Accelerate Africa, a new accelerator program launched by Iyin Aboyeji, founder of Future Africa, and Mia von Koschitzky-Kimani, aims to be the "Y Combinator of Africa." Four months after its launch, the program has announced its first cohort of ten startups from across the continent.
These startups hail from Nigeria (Afriskaut, Campus HQ, CDIAL, Flickwheel, Messenger, PipeOps), Kenya (Agrails, Checkups), Egypt (Juiceme), and Eswatini (Settle), operating in sectors such as AI, cleantech, proptech, healthtech, automotive technology, HRTech, logistics, and fintech. They are
The program held a demo day where decisions on pre-seed or seed funding will be made for some startups, with investments ranging from $250,000 to $500,000 from angel investors and venture capitalists.
Key Takeaways
Accelerate Africa's launch is noteworthy in the context of other accelerators gradually closing their doors across the continent. Y Combinator, a globally recognized accelerator, featured only three African startups in its summer 2023 cohort, indicating a reduced presence in Africa. Unlike Y Combinator, Accelerate Africa's success will be gauged by the amount of follow-on funding that startups secure during and after the program. It's worth noting that participation in Accelerate Africa does not guarantee direct funding from the program itself. Instead, participating startups will have the opportunity to pitch to a range of investors, including angel investors, Series A and Series B investors, as well as Future Africa.
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