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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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Applications open for 2024 Africa’s Business Heroes competition

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Applications are now open for the 2024 cohort of the Africa’s Business Heroes (ABH) Prize Competition in continuation of its sixth annual continental search for 10 entrepreneurs who strive to make a positive impact in their local communities.

Zahra Baitie, Head of Partnerships & Programs, Africa’s Business Heroes, who made the announcement, said since its inception in 2019, ABH had spotlighted and supported some of Africa’s brightest entrepreneurial minds, noting that this year’s edition would be no different.

In a statement on Monday, Baitie noted that the ABH top 10 finalists also known as “Heroes” have, over the last five years, created 123,000 direct and indirect jobs in Africa, while serving over 37.5 million customers in Africa and beyond and have raised over $153 million.

“As ABH enters its sixth year, it is calling on entrepreneurs across Africa to pitch on the biggest entrepreneurial stage in the continent,” he said.

Applications are open to entrepreneurs from all 54 countries, from all business sectors, of all ages and genders.

“Along with invaluable benefits such as training, exposure and networking opportunities, the top 10 finalists will also compete for their share of $1.5 million in grant money.

“Over the past five years, we’ve had the privilege of witnessing the incredible growth of our Heroes. Many of our Heroes have leveraged the grant funds to expand their geographic footprint, hire talent, grow their operations and invest in new products and services.

”It’s been heart-warming to see our Heroes collaborate with each other and to tap into the ABH network of judges and experts.

“We are motivated to continue to play our part in supporting the African entrepreneurial ecosystem. We are calling on all eligible African entrepreneurs who are creating positive impact to join us in this journey!”

Baitie added that applications for the ABH 2024 are open from until May 19, with the top 50 finalists to be announced in July.

The final winners will be unveiled at the Grand Finale in November, Baitie concluded.

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MainOne lands optic submarine cable in Nigeria’s Akwa Ibom State

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Data centre and connectivity solutions provider, MainOne, has landed Africa’s first ever
optic submarine cable in Nigeria’s Akwa Ibom State.

MainOne, a subsidiary of Equinix Company, announced the feat of the first and only submarine cable system in Nigeria outside of Lagos.

According to the Regional Business Head at MainOne, Abayomi Adebanjo, the collaboration between the company and the state marks a significant “milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria.”

The optic cable known as 2Africa, Adebanjo said, spans 45,000km in length and will be one of the world’s largest subsea cable projects which will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps.

“The significance of 2Africa lies in its capacity to address critical internet needs and enhance reliability across vast expanses of Africa,” he said.

“Furthermore, 2Africa serves as a catalyst for the advancement of 4G, 5G and fixed broadband accessibility, extending its impact to billions of people.

“With a commitment to consistently deploy financial capital and project resources towards infrastructure investments, MainOne is dedicated to improving internet capacity and driving various aspects of development, including economic growth, digital transformation, healthcare, security, agriculture, and increased state revenue in South-South Nigeria.

“Akwa Ibom’s selection as a landing site underscores its strategic importance in Nigeria’s digital transformation journey and by offering cable diversity and resiliency, 2Africa contributes significantly to the country’s digital infrastructure resilience and MainOne’s role as the landing partner solidifies this endeavour,” he stated.

He added that MainOne will facilitate the establishment of a terrestrial metro fiber network in the state and the entire South-South Nigeria, seamlessly connecting enterprises and people in the region to the submarine cable system.

“By hosting the submarine cable system landing and the fiber cable interconnection, Akwa Ibom State, the South-South Region and Nigeria will unlock numerous economic and social benefits, fostering innovation, entrepreneurship, job creation, and improved public service delivery,” Adebanjo said.

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