The World Bank has partnered with Venture Capital for Africa (VC4A) to launch a post-acceleration program for digital startups from across the African continent.
Dubbed XL Africa, this program is geared towards helping digital startups reach their greatest possible potential aiming at scalability to international market place. The program is targeting to enroll 20 startups, which will be taken through mentorship program by local and international experts.
XL Africa has also developed a tailor-made curriculum that the startups will be learning from aimed at increasing their visibility both regionally and internationally. The program is also aimed at matching the startups with potential corporate partners and investors. As the startups are being conditioned for growth, they will also be matched with early stage capital investment of between $250,000 and $1.5 million.
“This is the next step for the ecosystem, where the seed stage market continues to make considerable progress, but where more emphasis needs to be placed on downstream funding. Enormous efforts have been made, and considerable investments have gone into building that frontline infrastructure,” said Ben White from VC4A.
“Increasingly, entrepreneurs with good ideas can find support through the many innovations hubs, incubators, and accelerators, and where starting teams have direct access to the growing collection of startup events, demo days, and launch pads. Any serious team is arguably now able to find that first funding needed to get started.”
If the shoes; an Africa-based digital startup, you are welcome to apply for the program at this link. The application window closes on June 12th, 2017. Those selected to participate in the program will have an all-expenses-paid trip to Cape Town, South Africa for an intensive residency program that will run for two weeks.
The program will be concluded by a pitch day event at the 4th Annual Africa Investor Summit. The XL Africa program is being funded by the government of Norway, Sweden, and Finland and being administered by the World Bank Group. The IMC Worldwide and Koltai & Co. is giving the implementation support for the program.
For more details on the XL Africa program, click here.
