Set up late 2019, the Seed Fund by Digital Africa aims to provide initial funding to Africa’s digital startups. It targets:
Digital startups directly
via 4 programs managed by Greentec Africa Foundation, African Business Angel Network, Investisseurs & Partenaires and MercyCorps Ventures. Eligibility criteria include:
- Companies registered and based in Africa.
- Companies offering an innovative digital product or service that contributes to one or more Sustainable Development Objectives.
- Companies meeting the needs of an initial customer base and potential partners.
- Presentation of a business model outlining growth prospects.
- Employment of an experienced team with expertise in various fields.
Incubators and accelerators
via 2 programs managed by Bond’Innov and AfriLabs.
€15 million has also been allocated to Africa’s early stage digital startups through a network of partners in 45 countries across Africa. Finance ranging from €25 000 and €300 000 is available in the form of loans, interest-free loans, subsidies, etc., depending on the project and circumstances.