Funding

Somali Accelerator graduates another cohort of startups and gives $30,000 in investment at the Demo Day in Hargeisa

This year’s accelerator saw over 400 applications received, building on the traction of last year’s program

Innovate Ventures, the leading Somali tech and business startup accelerator launched in partnership with VC4A, Telesom and the Work in Progress! Alliance, had their second cohort of 10 startups from Somaliland and Somalia graduate from their program. This year’s accelerator saw over 400 applications received, building on the traction of last year’s program. The seed investment given doubled from $15,000 last year to $30,000.

Program Overview

The Innovate Accelerator is a 12-week program intended to support and funds the next wave of Somali startups. Mentorship and training was provided by domain experts and entrepreneurs and four startups from the program received $30,000 in investment from Innovate Ventures Fund.

Growth

The accelerator program reached more than 2 million people via SMS and TV coverage of the roadshows and Demo Day in Somaliland, Somalia and the UK and US. The significant increase in applications

and seed investment and further support and interest from the private and public sector has seen the reach and attention of the accelerator grow.

Demo Day

On Sunday, October 29th at Mansoor Hotel, the Demo Day took place, which was the culmination of a 6-month program to find startups who could create value, jobs and had the potential to scale. The event saw more than 300 participants attend along with media, entrepreneurs, and investors. Each team pitched their startup to a panel

comprising of entrepreneurs, c-level executives and business owners.

First place went to Bilan Baby, a startup that sells baby furniture, accessories and baby clothing as well as maternity products. Bilan Baby received $7,000 in seed investment. Second place went to SAMS, an agritech marketplace for farmers and buyers and Almijet, a digital printing company who received $5,000 each. Finally, Brandkii, an online marketing, and advertising startup received $3,000. Further investment was provided to Muraadso, an e-commerce startup, and last year’s winners; they received $10,000.

Looking Forward

Warda Dirir, Co-Founder of Innovate Ventures, comments, ‘the success of this year’s accelerator program is down to years of groundwork in the region and lessons learned. We are committed to helping the region produce more technology-driven businesses that resolve business challenges in the region and tap into untapped markets’. Given the growth of the program, more applicants and larger investments are expected next year, giving the burgeoning Somali tech startup scene further support.

Innov8tiv.com

Innov8tiv is a dynamic Web source for technology news, resources and innovation, with a special focus on the entrepreneurial advances of Africans on the continent as well as in the Diaspora. This site seeks to not only inform consumers and companies about the latest in tech trends and ideologies, but to shed light on a phenomenon often ignored: the inventive, life-changing and creative engine that exists in Africa and among leaders of color around the world, including the UK, the Caribbean, Australia, and Asia. Send story ideas to info@innov8tiv.com

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