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Pan-African accelerator platform Startupbootcamp AfriTech launches investor syndicate

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Startupbootcamp AfriTech, a pan-African accelerator platform, has announced the launch of a “mentor-led angel community and investor syndicate” which is designed to connect startups to mentors who will provide both operational help and venture capital.

Founder of the accelerator programme, Henry Ojuor, who announced the launch of the syndicate on Wednesday, said it was an offshoot of its Africa Startup Initiative Programme (ASIP) which was launched in 2021 to support the next generation of early-stage African tech startups disrupting a wide range of sectors.

“The investor syndicate aims to play a pivotal role in showcasing some of the most promising startups from Africa, and providing them with essential support such as funding, access to partnerships and resources,” Ojour said.

“In a concerted effort to ensure that startups within our network receive sustained and enduring value from mentors in our community, while also ensuring that mentors are able to capture some of the value they give to founders.

“We are thrilled to officially announce the inauguration of the OnAfrica Investment Syndicate, a groundbreaking venture facilitated by Startupbootcamp AfriTech.”

He added that the initiative was set to provide selected startups with check sizes ranging from $100,000 to $400,000 in comprehensive support, encompassing funding, mentorship, and guidance from an esteemed team of experienced angel investors.

“By leveraging pre-vetted startup deal flow through Startupbootcamp AfriTech’s extensive scouting network and due diligence frameworks, coupled with exclusive access granted by the Startupbootcamp alumni, members of this syndicate can participate in premier deal flow opportunities emerging from Africa.

“The aim is to do between $3 million and $5 million per year in startup deals through this network, and OnAfrica is calling on angels to join on the journey by submitting interest here,” he stated.

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Bolt invests $107m in Nigeria to boost safety standards

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Ride-hailing platform, Bolt, has announced an investment of $107 million in its bid to boost safety and service quality in Nigeria’s ride-hailing sector, with a special technology enhancing safety standards for both drivers and passengers.

Lola Masha, Bolt’s Regional Manager for North and West Africa, who made the announcement in a statement, said the “investment will fund new safety technologies, accident prevention measures, customer support upgrades, and public safety awareness campaigns, underscoring Bolt’s commitment to providing a secure and reliable platform.”

She revealed that as part of its quality check, the company had removed more than 5,000 drivers from its platform in 2023 so as to cleanup its database cleanup effort and will continue to implementing a driver score system to maintain quality standards.

“The driver score evaluates performance by monitoring how frequently drivers accept ride requests, successfully complete trips, and respond to passenger feedback. Essentially, it rates drivers based on their performance over their last 100 trips,” she noted.

Masha emphasized that the move came as a result of complains by the Amalgamated Union of App-based Transporters of Nigeria (AUTON) which raised concerns about the potential downsides experienced by users and the psychological stress on drivers, which could negatively affect their performance.

According to her, among the upcoming features are a four-digit trip pickup code and a trip counter, both aimed at making rides more secure and dependable for all users.

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Egyptian VC Flat6Labs partners ITIDA to launch programme for tech startups

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Egyptian Venture Capital firm, Flat6Labs, has partnered with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch an InvestIT programme which will offer tech startups in the country, particularly at the seed or pre-Series A stages, access to consultancy, tools, and investor connections to help them scale operations and enhance global competitiveness.

The programme, according to Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat, will be run by the Technology Innovation and Entrepreneurship Center (TIEC), a subsidiary of ITIDA, and will support startups across various governorates, encouraging innovation and growth in Egypt’s digital economy.

“Through two phases, it will prepare startups for investment with tailored training sessions and workshops, followed by connecting them with local and international investors,” Talaat said in a statement.

“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors.

“By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures.

“Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” the Minister said.

Flat6Labs founder and chairman Hany El Sonbaty, who also spoke on the initiative, said the launch of the InvestIT programme has further expanded his company’s support for Egyptian entrepreneurs.

“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact.

“Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.

The programme, he said, will support 12 startups over six-to-eight months with each startup receiving tailored consultancy services to enhance their investment readiness and assist with setting up data rooms and preparing for investor engagements.

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