20 April 2017

Africa: World Bank to Fund Africa's Top 20 Tech Startups

World Bank has launched XL Africa, a five-month business acceleration program designed to support the 20 most promising digital start-ups from Sub-Saharan Africa.

Start-ups will receive mentoring from global and local experts, learn through a tailor-made curriculum, increase their regional visibility, and get access to potential corporate partners and investors.

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.

Vice President for the Africa Region at the World Bank, Makhtar Diop, says digital start-ups are important drivers of innovation in Africa.

"To scale and spread new technologies and services beyond borders, they need an integrated ecosystem that provides access to regional markets and global finance; pan-African initiatives like XL Africa play a critical role by linking local start-ups with corporations and investors across the continent."

The program comes at a time of increasing interest in the African digital sector.

According to a recent report by Disrupt Africa, in 2016, the number of tech start-ups that secured funding increased by 16.8% compared to 2015.

The program's flagship activity includes a two-week residency in Cape Town, South Africa, where the ventures will have the opportunity to interact with and learn from their mentors, peers, and local partners.

The Cape Town residency will conclude with the Venture Showcase, a regional event in which the entrepreneurs will present their business models to a select audience of corporations and investors.

"The program's unique combination of targeted mentorship and access to investors represents a vital resource for digital ventures ready to grow," said Lexi Novitske, Principal Investment Officer for Singularity Investments, a venture group based in Lagos, Nigeria.

The program will collaborate with close to 20 prominent African and global investment groups.

Interested companies can apply online on the XL Africa website www.XL-Africa.com by Monday, June 12, 2017.

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