Building on a dream tech startup is no more a hard task to achieve. Technology costs have gone down, and investors are more willing to make the push for promising innovations. The World Bank Group, in its global fight against poverty, has launched XL Africa for digital start-ups from Sub-Saharan Africa.
Startups will receive mentorship on how to access to regional markets and global finance with set-up links to corporations and investors.
XL Africa is World Bank Group’s five-month business acceleration program that offers ground for 20 selected start-ups to attract early stage capital. It is a gear to unlock investment opportunity for promising enterprises.
With the African digital sector steadily growing, providing a cohesive ecosystem to amplify their work is a mega-boost to the continental innovation and development. Various startups have increasingly secured funding for their projects over the past two years, according to a recent report by Disrupt Africa.
XL Africa’s aim is to highlight the continent’s growing digital economy by looking out for the most innovative tech start-ups and supporting them, with their success expected to bring more interest and investment from regional investors.
The program will primarily begin with a two-week residency in Cape Town, South Africa, where the startups will have the opportunity to interact with and learn from their mentors, peers, and local partners. The residency is expected to make them ready for the available investment opportunities.
With support from prominent African investment groups, XL Africa will help the 20 selected start-ups attract early stage capital between $250,000 and $1.5 million. The investment groups include African Business Angel Network (ABAN), AngelHub Ventures, Goodwell Investments, Knife Capital, Nest Africa, Silvertree Capital, Singularity Investments, South African Business Angel Network (SABAN), TLcom Capital, Zephyr Acorn and 4Di Capital, and corporate partners, such as Orange, .Eco, Ringier, and Thomson Reuters.
Interested companies can make their application online via the XL Africa website by Monday, June 12, 2017.