Pangea, a platform connecting African startups with international investment and expertise, has launched its accelerator program in Kenya. Done through a partnership with Strathmore University’s @iLabAfrica, the program will see the accelerator link up Kenyan start-ups from across the industry with investors especially the African diaspora which currently remits approximately US $160 billion annually.
As a starting point, Pangea has opened a platform for receiving start-up applications with the successful ones undergoing a 3-month milestone-based acceleration program. The selected firms will also benefit from coaching by international investors and experts. Moreover, the 10 final startup will receive funding of up to US $50,000 (Kshs 5.15 million) per startup.
(TOP: Jonas Tesfu, COO, Pangea).
Pangea’s call for applications is open until February 19, 2018 via and may be accessed and submitted via Pangea’s website.
According to Jonas Tesfu, Pangea’s COO, the startup ecosystem continent-wide, if given the right tools and means to invest is as vibrant as any other industry across the globe. Jonas notes that Africa still remains very attractive as a new startup frontier. “Africans and non-Africans alike are looking to be part of the continent’s rapid development and are seeking ways to make this happen. Together with Innovation Norways and other partners we are keen to make this connection successful.”
Pangea’s plan comprises the launch of a crowd investment platform in June 2018, allowing accelerated startups further access to funding. Often faced with a lack of access to capital and the expertise to scale globally, startups in Kenya stand to benefit greatly from Pangea’s crowd investment platform and its business development networks across the globe.
Pangea advocates for smart money investment, which entails pairing startups with investors who can not only provide funding but also have the expertise and experience to scale the startups in new markets. The firm’s program fosters close collaboration between startups and investors early on through mentorship of startups, by investors, during acceleration.