CAPE TOWN, South Africa, October 17, 2022/ — Startupbootcamp AfriTech (Startupbootcamp.org/accelerator/AfriTech), Africa’s leading tech Accelerator is scouting for the most disruptive African tech startups from critical industry verticals for the Telecel Group (https://TelecelGroup.com) Africa Startup Initiative (https://ASIProgram.com) Accelerator Program.
The fate of Africa lies in innovations designed to alleviate the continent’s toughest challenges while also building products that are compelling enough for a global market.
To do that, Accelerator programs facilitate and enable the evolution of home-grown solutions into powerhouses that make an indelible mark in the world. This is one of the many reasons why forward-thinking companies and governments are collaborating more with these essential support engines.
Founded by telecoms giant, Telecel Group (https://TelecelGroup.com) powered by SBC AfriTech, and supported by partners such as DER/FJ (a Department of the Republic of Senegal) (https://DER.sn), the Dutch Entrepreneurial Development Bank (FMO) (https://www.FMO.nl), ENRICH in Africa (a European Union-funded project) (https://ENRICH-in-Africa-project.eu), AWS (https://go.AWS/3ezrigY), and Google (https://Startup.Google.com), the ASIP Accelerator aims to support the next generation of early-stage African tech startups disrupting key industry verticals that include FinTech, InsureTech, AgriTech, Climate-tech, eCommerce, Digital Health, and CleanTech, Mobility, Micro-leasing, and digitizing the informal economy.
Over the last 5 years, 50 African startups have completed the SBC AfriTech Accelerator.
“90% of our alumni are still operating and scaling,” notes Program Director Henry Ojour. “Collectively, SBC portfolio companies have raised more than $120 Million in follow-on funding and the past 2 cohorts of the Telecel Group ASIP Program are doing exceptionally well. We’re excited about what Cohort 3 will achieve, and we believe it will set new records.”
Telecel Group (https://TelecelGroup.com) has also reinforced its commitment to providing the participating startups with access to markets, with the help of other relevant corporates will enable founders to execute proof of concepts and pilots while also building sustainable businesses.
Eleanor Azar ASIP Director said: “we are excited to announce that applications are now open, and we encourage all startups to apply, the past two cohorts have been very successful and we expect cohort three to be phenomenal, especially since our partner consortium is growing and adding powerhouses such as FMO and Enrich In Africa in addition to DER, AWS, Google, Microsoft and many more”.
The Government of Senegal through DER/FJ continues to be the bridge that provides essential public sector partnerships and government support. Cohort 3 also has the full support of the Dutch Entrepreneurial Development Bank, FMO (https://bit.ly/3Vzirwj) invests in inclusive business models and provides the expertise that startups need to improve their business operations while also providing broader support to facilitate a vibrant start-up environment in the regions where the program invests.
Speaking on this, Ventures Program Manager Marieke Roestenberg said, “As part of our entrepreneurial ecosystem-building efforts, FMO was keen to support the ASIP program and SBC AfriTech in expanding their operations into more middle-tier markets. This partnership provides an opportunity to bring more world-class acceleration to entrepreneurs striving to build businesses that create jobs and better livelihoods for their families and communities.”
Once selected, participants will spend three months undergoing intensive coaching through expert-led masterclasses covering scaling fundamentals -from the business model canvas, and lean methodology, to fundraising. The program will take place in Senegal, culminating in a hybrid Demo Day where startup founders pitch their disruptive solutions to a broad audience of media, investors, corporate partners, and industry stakeholders
Telecel Group ASIP Startups will also have access to Startupbootcamp’s tailored coaching tool, the Accelerator Squared platform which has a complete library of content, group workshops, 1:1 mentoring, collaborative sessions with Entrepreneurs in Residence, and invite-only discussion forums with founders from around the globe.
This is in addition to customized support from experienced mentors and dedicated Entrepreneurs-In-Residence (EIRs). The 10 startups in the ASIP program will also receive benefits valued at more than $750,000, including credits from AWS, Google Cloud Services, and many more, and a direct cash investment of $18,000.
Telecel Group ASIP powered by SBC AfriTech has so far hosted scouting events (FastTracks) in Ivory Coast, Nigeria, Kenya, Ethiopia, South Africa and Uganda. In the next few weeks, the team will be in Accra,Casablanca, and Dakar.
“For each FastTrack, we invite the top 10 startups who apply to receive instant feedback from a panel of industry experts, network with our investment team and find out more about the program,” explains Henry Ojour. “Teams that attend a FastTrack are 20% more likely to be invited to our Final Selection Days.
Five out of the 10 startups chosen for the program will be fully funded and backed by ENRICH in Africa (https://ENRICH-in-Africa-project.eu), a project funded by the European Union and designed to support and strengthen the European and African innovation ecosystem. These startups will receive additional benefits, including access to the Euroquity (https://bit.ly/3TnSAq1) community, networking events, and follow-up support.
Reflecting on the journey, Philip Kiracofe, the Co-founder of SBC AfriTech said “When we launched Startupbootcamp AfriTech in 2017, we had an audacious vision to scout, skill, and scale African Solutions for African Challenges. Six years later, we have become one of the most highly regarded programs on the continent, and our portfolio of startups has an aggregate valuation of nearly $700 Million. We are privileged to have new partners including FMO and EnrichInAfrica (funded by the European Commission) supporting us, and looking forward to launching more Accelerators in the near future.”
To join cohort 3 apply here: bit.ly/SBC-Apply3
To attend the scouting events as a startup, register: https://bit.ly/FT-Startup
To attend as a mentor: https://bit.ly/FT-Mentor
Distributed by APO Group on behalf of Startupbootcamp AfriTech.
About Telecel Group:
Telecel is a Group of telecom companies mainly focusing on digitization through its four different lines of business: (1) Telecel Mobile, which owns and operates several mobile operators in Africa and Europe; (2) Telecel Global Services, which provides wholesale, enterprise, and digital security services to telecom operators and enterprises worldwide; (3) Telecel Play, a digital platform that is digitizing mobile users and disrupting e-commerce; and (4) Africa Startup Initiative Program, which targets innovative startups in Africa and offers them support and guidance. For more information on the Telecel Group program, visit http://TelecelGroup.com
For more information on the Telecel Group program, visit http://ASIProgram.com/
About Der/FJ:
Der/FJ is an institution under the authority of the Presidency of the Republic of Senegal and President Macky Sall launched it in 2018 in order to support entrepreneurs throughout Senegal. This support is given through both financial and non-financial services, with an emphasis on sectors that include technology and innovation, hence the creation of the D-hub incubator. For more information about DER/FJ visit https://DER.sn/
About FMO:
FMO is the Dutch Entrepreneurial Development bank. As a leading impact 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 leads to economic and social development and has a close to 50-year proven track record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have a high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.3 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. For more information: please visit www.FMO.nl.
About ENRICH In Africa:
ENRICH in Africa is a project funded by the European Union’s Horizon 2020 research and innovation program under grant agreement No. 101004709 and coordinated by Steinbeis 2i GmbH in Germany. ENRICH in Africa works with key partners and advisors from the innovation landscape of Europe and Africa. Together we address the needs for capacity development of incubators, accelerators, and entrepreneurs in both regions. Find out more: https://ENRICH-in-Africa-project.eu/
About Startupbootcamp AfriTech:
Startupbootcamp AfriTech was launched in 2017 as the first multi-corporate-backed pan-African startup accelerator. We run world-class accelerator programs, working with some of the most disruptive startups on the continent. We provide access to our global network of corporate partners, investors, and mentors. For more information visit: Startupbootcamp.org/accelerator/AfriTech
About Startupbootcamp:
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 take startups global by giving them direct access to the international network of the most relevant partners, investors, and mentors in their sector in more than 30 countries. 79% of the 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
