AfriLabs and ABAN (African Business Angel Network) has collaborated to launch Catalyst—a cross-stakeholder initiative that aims to increase funding for startups in Africa. Catalyst also aims to support the startup ecosystem including hubs and angel networks.
Catalyst will raise funding from several institutional partners to enhance a pool. The pool will boost investment in startups through verified angel investors. The first Catalyst fund will be available by the end of 2019.
According to Rebecca Enochong- Board Chair of AfriLabs, Catalyst recognizes the need to increase early-stage funding for African founders. It aims to structure the ecosystem, support collaboration, and provide insights into the early-stage funding landscape. It will strengthen hubs and angel networks.
See also: African Startups to get $100k in Dubai Innovation Impact Grant Programme
The initiative will be operating as a co-investment fund to match African startups with investments from qualifying angel investors. The funds will, however, be released after startups receive investments from Angel investors under the ABAN network.
Tomi Davies, President of ABAN revealed that ABAN signed the MOU with AfriLabs at their Annual Gathering in Dar es Salam, Tanzania in 2018.
Interested startups should register on the Catalyst platform through AfriLabs member network.
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