The XL Africa accelerator program, run by the World Bank, has offered its participants help in obtaining up to $1.5 million USD in their early stage capital.
The accelerator program will give startups access to curriculum that I specifically tailored to their needs and will also be able to receive training from global and local experts.
The program organizers shortlisted twenty startups for the event, while over 900 startups applied for the event. The event is also backed by Some of Africa’s leading investment groups.
The shortlisted startups will experience virtual mentorship before attending a two-week stay in Cape Town over the next four months.
While they stay in Cape Town, the startups will be able to interact with their mentors and learn from them. At the end of the two weeks, the startups will ultimately pitch their ideas at XL Africa Venture Showcase.
The XL Africa Venture Showcase will take place at the African Angel Investor Summit. The summit will bring together many corporations and investors together for the startups to present to with the hopes of raising their funds,
Out of the twenty selected startups, nine are Nigeria-based. These include the data company Asoko Insight, Fintech startup Electronic Settlement Limited, e-delivery platform Metro Africa Express, event booking space ogaVenue, e-learning startup PrepClass, digital printing platform Printivo, power-as-a-service startup Rensource, HR management startup Talentvase, and Wi-Fi provider Tizeti.
Five of the other startups are Kenyan-based, three are from South Africa, two from Tanzania, and one based in Senegal.
A represent of XL Africa spoke on the range of the startups chosen for this event, saying, “These startups span the continent from Senegal in the west, to Kenya in the east, and south to South Africa, specializing in digital products and solutions encompassing the fields of fin-tech, transportation, healthcare, education, human resources, and B2B.”