Grindstone Africa selects 8 startups for accelerator program
The latest edition of Grindstone Africa, a globally recognized accelerator fostering high-growth entrepreneurship, has chosen eight startups to participate. Grindstone, established in 2013 and jointly owned by Knife Capital and Thinkroom Limited, has a reputation for supporting innovation-driven companies in scaling their operations.
The 2023 program, sponsored by Absa, reflects the ongoing commitment of Grindstone to propel high-growth ventures forward. The selection comprises eight startups, with seven originating from South Africa and one representing Lesotho.
This strategic partnership with Absa is anticipated to provide significant opportunities for the chosen African startups. The program's distinctive focus on market access readiness is poised to catalyze growth, innovation, and overall prosperity, according to Catherine Young, the managing partner of Grindstone.
In 2022, a significant trend shaping Africa's venture capital landscape, as highlighted in a Briter Bridges report, was the notable expansion of the early-stage support infrastructure for startups on the continent. This growth was particularly evident in the form of increased involvement from angel networks, seed funds, and accelerator programs. Accelerators, incubators, and pitch competitions play a vital role in providing startups with essential access to capital and mentorship. The benefits of these support mechanisms in the African startup landscape are crucial, especially considering the context of the ecosystem playing catch-up with those in more advanced economies. These programs not only contribute to the financial health of startups but also offer mentorship and guidance, which is invaluable in an environment marked by economic uncertainties. The increased availability of early-stage support reflects a positive trajectory for the African venture capital ecosystem, fostering the growth and development of innovative startups across the continent.