Movin Africa’s Post

“Unicorn is a bad word,” said Iyinoluwa Aboyeji, at the demo day of the first cohort of Accelerate Africa, an accelerator that he co-founded and looks to transform into the Y Combinator of Africa. Aboyeji made the statement to underscore his preference for revenue-driven growth over inflated valuations. This focus on revenue flips the script on the past few years, when founders, fueled by optimistic investors, prioritized high valuations even without a strong foundation in revenue generation. This approach often led to burning through millions without achieving sustainability. By emphasizing revenue and unit economics, Accelerate Africa aims to equip startups with the tools to build million-dollar revenue streams. This focus was reflected in the presentations by the participating startups themselves, where the emphasis was on customer acquisition strategies, pricing models, and actual revenue generated, rather than just market size potential. Via TechCabal. https://lnkd.in/dTqB-YjV #africa #tech #startup #growth #africanstartups #innovation #business

Iyin Aboyeji, the founder of VC firm Future Africa , and Mia von Koschitzky-Kimani, a general partner at the firm, are #launching Accelerate Africa, an accelerator supported by a $750,000 USAID grant. With the aim of becoming the YC of Africa, the accelerator's first cohort will span eight weeks and admit ten pre-seed and seed-stage #startups from any sector across #Africa's 54 countries. While Y Combinator is reducing its focus on #Africa, Accelerate Africa aims to fill the void by providing an African perspective, leveraging local connections, and guiding startups based on Africa's #market realities. Unlike the trend of remote #accelerators, Accelerate Africa will work with startups in person, with two groups of five splitting their time between Nairobi and Lagos. The accelerator measures success by the follow-on funding obtained by startups during and after the program, distinguishing itself from YC by not guaranteeing funding. Although facilitated by Future Africa staff, Accelerate Africa operates independently from the VC firm, aiming to avoid conflicts of interest and maintain confidentiality among startups. #startup #funding #hakunamatatamedia Story : Tech Cable

Iyinoluwa Aboyeji, co-founder of two African unicorns, Andela and Flutterwave, and founder of VC firm Future Africa, is partnering with Mia von Koschitzky-Kimani, a general partner at the firm, to launch Accelerate Africa, which he describes as the “Y Combinator of Africa.” The accelerator is backed by a $750k USAID grant. “Accelerate Africa’s first cohort will run for eight weeks and admit ten pre-seed and seed-stage startups across all sectors and from any of Africa’s 54 countries. During the programme, Accelerate will work with founders to improve their storytelling, build their team, and figure out business development and product development. “At the end of the accelerator programme, participating startups will get a chance to pitch to investors on demo day. This will include angel investors who typically write $25,000-$50,000 cheques, Series A and Series B investors, and Future Africa, whose cheque size ranges from $250,000-$500,000.” “We are looking for founders with great ideas and massive market opportunities. The impressive ones who would have gotten into YC but can’t because YC is closing their doors to Africa, so to speak,” Aboyeji said. Via TechCabal. https://lnkd.in/gFMT4Qz3 #accelerator #acceleratorprogram #africa #funding #startups #tech #innovation

𝗦𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗘𝘅𝗶𝘁𝘀 𝗳𝗼𝗿 𝗔𝗻𝗴𝗲𝗹 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗶𝗻 𝗡𝗶𝗴𝗲𝗿𝗶𝗮! 🚀💰 Kola A., a renowned angel investor and founding partner at Ventures Platform Fun, shares insights on the African startup ecosystem in an interview with Fatu Ogwuche of Big Tech This Week 📺. As a board member of Lagos Angel Network (LAN), Kola addresses the long-standing concern about liquidity and exits in Nigeria's startup scene 💸. Watch as he discusses the surge in successful exits, led by Paystack's $200M acquisition by Stripe in 2020 🚀. These exits demonstrate a growing opportunity for #angelinvestors to realize returns on their investments 📈. Other notable examples include: - Flutterwave's Series C funding and secondary sale 💰 - Andela's acquisition of Qualified 🤝 - MainOne's $320M acquisition by Equinix 📊 - Kuda Bank's acquisition of Finverv 🏦 Kola A., like other LAN members, has played a key role in several successful deals, showcasing the network's impact in driving profitable transactions across the African startup ecosystem. Want to learn more about these exits and the evolving landscape? Watch the full interview here: (https://lnkd.in/djgzWSiz) 📹 If you're considering angel investing in Nigerian startups, now is an exciting time to get involved! 🚀 Lagos Angel Network (LAN) provides a platform for angel investors to connect with innovative #startups and leverage the collective expertise of the network 🤝. Explore the opportunities in Nigeria's thriving startup ecosystem! 🇳🇬 #NigerianStartups #AngelInvesting #VentureCapital #Exits Adeolu Adewumi-Zer | Olumide Soyombo | Biola Alabi | Yemi Keri | Iyinoluwa Aboyeji | Solomon King | Adedotun (Dotun) Sulaiman | Harry 'Tomi Davies

🚀 Breega Raises $75M for Africa’s Startup Ecosystem! Exciting news out of Paris - Breega has successfully raised $75 million for its Africa-focused fund! This significant capital is set to fuel the growth of innovative startups across fintech, healthtech, and e-commerce sectors on the continent. Having actively invested in Africa since 2017, Breega has backed several success stories such as Nigeria's fintech powerhouse TeamApt and Kenya's healthtech trailblazer Medsaf. With this new fund, Breega aims to expand its impact by supporting these companies' growth and identifying new transformational ventures. 🌍✨ Breega's Managing Partner, Francisco Gonzalez-Palenzuela, shared: "We are excited to continue our journey in Africa, where we have seen tremendous growth and potential." It's inspiring to see such investment flows into Africa, a continent with a rapidly growing economy and a burgeoning startup ecosystem. Other notable funds include Knife Capital’s $100M and Ventures Platform’s $50M. 📈💡 A question for my network: What innovative solutions from African startups do you think have the potential to lead globally? Share your thoughts below! 👇 #VC #StartupFunding #Africa #Innovation #Fintech #Healthtech #Ecommerce #StartupEcosystem

In Africa, startups often face challenges in securing funding to scale their businesses. Factors such as funding gap, lack of infrastructure, investor bias, and low investor have left a lot of promising founders in Africa, struggling to compete on a global level. According to data from Briter Bridges, Funding for African startups dropped by 54 per cent year-on-year to $2.5bn from January to October 2023. Read full article below... #microfinanceinstitutions #fundingsolutions #startupfunding #africanbusiness

Introducing Kili Ventures: Empowering Impact-Tech Entrepreneurs in #EmergingMarkets 🌍 🚀 At Kili Ventures, we invest in the #future by backing #startups that create measurable social impact alongside strong financial returns. With over 7 years of expertise in Africa's innovation ecosystem, we support visionary founders shaping the future of the continent. Our mission is to build strong channels for European 🇪🇺 (and not only) investors to connect with Africa's dynamic tech scene, driving mutual growth and innovation. We scout, select, invest in, and support promising tech ventures, leveraging our unique combination of experience and passion. Our team comprises founders, investors, and venture creation experts, with 13+ years dedicated to supporting new companies in Europe and globally, and specifically, 7+ years of focused experience with African startups 🤝🏼 Are you a growing startup looking for funding? Do you want to invest with Kili Ventures in emerging and disruptive companies? Join us in fostering a brighter, innovative future for Africa and beyond 👉🏻 https://www.kili.ventures #KiliVentures #ImpactTech #AfricaTech #Innovation #Investments

Launch Africa Ventures Fund II Gains Momentum with $4.3 Million Invested. Since its inception, the firm has made notable impacts by investing in 133 startups across 22 African countries through its first fund, which closed at $36.3 million in March 2022. Launch Base Africa's approach focuses on identifying startups with diverse founding teams, strong growth potential, and the ability to address substantial market opportunities. This strategy has led to investments in a wide range of sectors, including fintech, e-commerce, healthtech, and clean energy, reflecting the richness and diversity of the African startup landscape. Building on the success of its first fund, Launch Africa introduced its second fund, Launch Africa Ventures Fund II, with an ambitious target of $75-100 million. Already, Fund II has deployed $4.3 million across 16 diverse startups in 11 African countries, demonstrating Launch Africa's ongoing commitment to fostering innovation and growth. The portfolio of Fund II includes 16 promising startups such as Servisor in South Africa, Lengo AI in Senegal, Logistify in Kenya, and Periculum in Nigeria, Bosso in Zambia, Zuri in the DRC, Meditect in Ivory Coast, Viebeg in Rwanda, Wahu Mobility Ltd. from Ghana and an undisclosed Egyptian e-health startup. Find out more: https://lnkd.in/dHP9EHKA #Startups #Africa #Tech #AI #Funding

🌍 Cameroon’s Startup Revolution: Another country making moves for a Startup Act. Cameroon, often called “Africa in miniature,” has shown incredible potential for economic growth and innovation. As the global startup ecosystem rapidly evolves, Cameroon is poised to join the movement by adopting a Startup Act—a game-changer for its entrepreneurial ecosystem. With a young, tech-savvy population and government initiatives like rewarding top startups, Cameroon’s future in innovation looks bright. A Startup Act would help create a more business-friendly regulatory environment, making it easier for startups to thrive through simplified registration processes, tax incentives, and reduced bureaucracy. 🌱 Key Benefits of the Startup Act: Access to funding through public-private partnerships and tax incentives for investors. Job creation in various sectors, fueling economic development and reducing unemployment. Innovation hubs and incubators that provide resources and mentorship for startups. Global competitiveness—Cameroon can attract international investment and recognition as an African startup hub. Favourable Regulatory enviroment - Creating a Favorable Regulatory Environment Implementing the Startup Act would enable the government to create a business-friendly regulatory framework tailored explicitly for startups by putting in place a participatory process This act has the potential to unlock Cameroon’s entrepreneurial spirit, creating opportunities for startups to grow, scale, and contribute to the country’s sustainable development. 👉🏾 Download the full report to dive deeper into the opportunities and benefits of the Startup Act: https://bit.ly/3XULbDf Read this full insightful article here : https://bit.ly/3XsEnLy #CameroonStartups #StartupAct #Entrepreneurship #EconomicGrowth #Innovation #InvestInCameroon

10 African startups that have shutdown/struggling even after raising millions of dollars 1. Is Africa not ready for certain business models? 2. Is the traditional VC model broken? (of pumping money for growth even when a startup is losing money) 3. Should the founders be replaced with the more experienced CEOs when the business reaches certain size? 4. Is fund misappropriation not well examined? 5. Should it not be a big deal for first-time founders? (fail fast, fail forward). https://lnkd.in/dKzCeKGK