Africa: Top 20 start-Ups enter World Bank Group 'Digital Acceleration Program'
Twenty of the most promising African digital start-ups will take part in an XL Africa residency, the flagship initiative of the business accelerator launched last April by the World Bank Group’s infoDev program.
Selected from a pool of over 900 applicants, these start-ups specialise in digital solutions for the African market, including fin-tech, transportation, health care, education, human resources, and B2B. They all provide a digital product or service currently available in one or more African markets and show potential to scale across the region.
The shortlisted start-ups are:
Aerobotics (Data, South Africa)
Asoko Insight (Data, Kenya, Ethiopia, Ghana, United Kingdom, and Nigeria)
Coin Afrique (Marketplace, Senegal and Benin)
Edgepoint Digital (Jamii) (FinTech - Insurance, Tanzania)
Electronic Settlement Limited (FinTech, Nigeria)
Lynk Jobs Ltd. (HR, Kenya)
MAX (Transport, Nigeria)
ogaVenue (Venue Platform, Nigeria)
Ongair (SME Services, Kenya)
Pesabazaar.com (FinTech, Kenya)
Prepclass (EdTech, Nigeria)
Printivo (Printing, Nigeria)
Rasello Company Ltd. (SME Services, Tanzania)
Rensource (Energy, Nigeria)
Sendy Ltd. (Delivery, Kenya)
Snapplify (Publishing, South Africa and Kenya)
Sokowatch (Delivery, Kenya)
TalentBase (HR, Nigeria)
Timbuktu (Travel, South Africa)
Tizeti Network Ltd. (Connectivity, Nigeria)
From Nov. 6-17 in Cape Town, the entrepreneurs will have the opportunity to learn from their mentors and peers, increase their regional visibility, and get access to potential corporate partners and investors.
The residency will conclude with the XL Africa Venture Showcase, a regional event organised in association with the African Angel Investor Summit, in which the entrepreneurs will present their business models to a select audience of corporations and investors.
With support from African investment groups, XL Africa will help the start-ups attract early stage capital between US$250,000 and US$1.5 million.
The selection for XL Africa was conducted by a panel of industry experts from the International Finance Corporation (IFC); implementing partners IMC Worldwide, Koltai & Co, and Venture Capital for Africa (VC4A); as well as investors from prominent African funds, including Knife Capital, 4Di Capital LLP, Singularity Investments, TLcom Capital LLP, Goodwell Investments, Nest Africa, and Africa Tech Ventures.
XL Africa is funded by the governments of Finland, Norway, and Sweden, and administered by the World Bank Group with implementation support from IMC Worldwide, VC4A, and Koltai & Co.