BizNis Africa
Latest News
WhereIsMyTransport to host CONNECT Hackathons across Africa
WhereIsMyTransport has partnered with Facebook for Developers to host the CONNECT...
World Economic Forum 2018 – impact for South African Investors
It’s that time of year again where more than...
Business acumen key for growing entrepreneurs in South Africa
Running a successful business, especially Small, Medium and Micro...
Top property trends 2018 in South Africa
The year 2017 has been a challenging year for...
JSE continues to lag behind global markets
Over the past five years, local markets returned just...
Burkina Faso hosts first Pan-African democratic governance meeting
Burkina Faso hosted the first Pan-African meeting designed to...
MTN South Africa invested ZAR30 billion in network infrastructure
MTN has invested more than ZAR30 billion (about $2.4...
IFC named top investor in Partech Africa €100 million VC fund
IFC, a member of the World Bank Group, has...
Ramaphosa talks tough against corruption ahead of WEF
South Africa’s deputy president and new leader of the...
Energy stakeholders in Africa to discuss investments opportunities
The Powering Africa: Summit will return for a fourth...

Makhtar Diop, World Bank Vice President for the Africa

The World Bank Group launched XL Africa, a five-month business acceleration program designed to support the 20 most promising digital start-ups from Sub-Saharan Africa.

Start-ups will receive mentoring from global and local experts, learn through a tailor-made curriculum, increase their regional visibility, and get access to potential corporate partners and investors. With support from prominent African investment groups, XL Africa will help the 20 selected start-ups attract early stage capital between $250,000 and $1.5 million.

“Digital start-ups are important drivers of innovation in Africa,” says Makhtar Diop, World Bank Vice President for the Africa.

“To scale and spread new technologies and services beyond borders, they need an integrated ecosystem that provides access to regional markets and global finance; pan-African initiatives like XL Africa play a critical role by linking local start-ups with corporations and investors across the continent.”

The program comes at a time of increasing interest in the African digital sector. According to a recent report by Disrupt Africa, in 2016, the number of tech start-ups that secured funding increased by 16.8% compared to 2015.

“XL Africa aims to put a spotlight on the continent’s growing digital economy by scouting for and supporting the most innovative tech start-ups,” said Klaus Tilmes, Director of the Trade & Competitiveness Global Practice at the World Bank Group. “The success of these ventures will create a demonstration effect that can attract much-needed growth investment in the sector and catalyze scaling of transnational businesses in the region.”

The program’s flagship activity includes a two-week residency in Cape Town, South Africa, where the ventures will have the opportunity to interact with and learn from their mentors, peers, and local partners. The Cape Town residency will conclude with the Venture Showcase, a regional event in which the entrepreneurs will present their business models to a select audience of corporations and investors.

“The program’s unique combination of targeted mentorship and access to investors represents a vital resource for digital ventures ready to grow,” said Lexi Novitske, Principal Investment Officer for Singularity Investments, a venture group based in Lagos, Nigeria.

“By connecting innovative business ideas with the knowledge and resources available in the ecosystem, XL Africa will create a pipeline of investment-ready companies, unlocking better investment opportunities for regional and global investors.”

Leave a Reply

Ver peliculas online
%d bloggers like this: