AfriLabs, UM6P Ventures in deal to back African entrepreneurs
TLDR
- AfriLabs and UM6P Ventures collaborate to support African entrepreneurship and innovation.
- AfriLabs expands with 16 new hubs, totaling 478 hubs in 260 cities across 53 African countries.
- UM6P Ventures, an investment firm, focuses on early-stage deeptech and digital transformation ventures.
African hubs network AfriLabs and Moroccan university-owned investment firm UM6P Ventures have entered into a one-year collaboration to support and develop African entrepreneurship. This partnership will roll out various initiatives to foster innovation and business growth across the continent.
AfriLabs is a network organization that promotes innovation and entrepreneurship by connecting technology hubs, startups, investors, and other key stakeholders. With the recent addition of 16 new hubs, AfriLabs now comprises 478 hubs in 260 cities across 53 African countries.
UM6P Ventures, the investment arm of Morocco’s University Mohammed VI Polytechnic, focuses on advancing entrepreneurship and accelerating scientific innovation. It invests in early-stage deeptech and digital transformation ventures.
Key Takeaways
The one-year collaboration between AfriLabs and UM6P Ventures will provide comprehensive support for startups within the UM6P ecosystem. This includes mentorship, resources, and access to AfriLabs’ extensive network of over 450 technology innovation hubs across 53 African countries. The AfriLabs Connect Deal Room (ACDR) initiative will also create a pipeline of de-risked and investible startups within the AfriLabs network for UM6P Ventures, facilitating further investment opportunities. The partners will also engage in co-innovation projects that address local and regional challenges, leveraging UM6P’s research and development capabilities alongside AfriLabs’ entrepreneurial ecosystem.
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