The Pangea Accelerator Program, an Oslo-based investment platform launched its accelerator program in Kenya today. The platform’s primary objective is to connect African startups with the right international investment and expertise.
The launch is in partnership with Strathmore University’s @iLabAfrica. Together, these two organisations plan to set up an accelerator link for local African startups from multiple industries to investors particularly the African diaspora that currently remit around $160 billion yearly.
The Pangea Accelerator Program was founded in 2017 by Chisom Udeze (Nigerian), together with Jonas Tesfu (Eritrea), Gilbert Kofi Adarkwah (Ghana), and Dede Koesah (Ghana/Togo) with the aim of supporting unique and scalable African early-stage startups operating in agribusiness, green initiatives, edutech, fintech and healthtech.
The accelerator has opened a platform for receiving applications from start-ups that are interested in this program. Application for the Pangea Accelerator Program is ongoing and would close on February 19, 2018. Applications will be evaluated upon receipt.
40 successful applicants will undergo a 3 months milestone-based acceleration program. They will receive additional perks such as coaching by international investors and top business executives. The last 10 start-ups will greatly benefit from funding to the tune of USD 50,000 (approximately KES 5,000,000) per group.
According to Pangea’s Chief Operating Officer (COO) Jonas Tesfu, 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 additional targets include plans to launch a crowd investment platform by June 2018, which will allow accelerated start-ups further access to funds.
For so many years, promising startups have been forced to fold up due to lack of funds and viable acceleration programs that focus on boosting their chances to survive. Pangea’s plan to provide founders with a larger pool of diverse resources will surely help upcoming businesses reach their full potentials.