At a time when the African digital sector is increasingly in the limelight, the Word Bank Group has also joined in intensifying this light with the launch of XL Africa.
XL Africa is a five-month long business acceleration program that aims to support 20 promising digital startups with early stage capital between $250,000 and $1.5 million.
Compared to 2015, reports show that the African digital sector is gaining grounds by the day — about 16.8% tech startups, secured fund in 2016. This shows that African Startups are gaining recognition and this must not stop.
XL Africa aims to put a spotlight on the continent’s growing digital economy by scouting for and supporting the most innovative tech start-up.– Klaus Tilmes, Director of Trade and Competitiveness Global Practice at the World Bank GroupAdvertisement
The 20 selected startups will not only receive funding but will also be privileged to mentoring from the best of entrepreneurs, investors and experts.
Also, XL Africa will increase startup visibility in terms of branding, in addition to a two-week expense paid trip and residency in Cape town, South Africa.
At the end of the accelerator program, the Director of Trade and Competitiveness Global Practice at the World Bank Group hopes that the 20 successful startups will attract more organisations in to invest in the digital economy of Africa.
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.– Klaus Tilmes.
Eligibility for XL Africa
Interested applicants must meet the following requirements to be eligible
- Startup must be registered and profit making with at least a team member of three.
- The startup must be based in one of the countries of Sub-Saharan Africa.
- The management team must be vigorous.
- Eligible startups must currently have a digital product or service available on the market.
The deadline for application is June 12, 2017. All interested startups can register now.
Nigerian startups raised a total funding of $9.2 million in Q1 2018. Download our report to find out more.