World Bank Creates Accelerator Program For African Digital Startups
The World Bank has announced the launch of XL Africa, an acceleration program aimed at supporting 20 top digital startups from Sub-Saharan Africa.
XL Africa will run over five months and startups will be put through a tailored curriculum, while receiving mentorship and the chance to attract early-stage capital of between US$250,000 and US$1.5-million.
The program will kick off with a two-week residency in Cape Town where the selected startups will be able to interact with mentors, peers and local partners.
Companies wishing to apply can do so online before 12 June.
“XL Africa aims to put a spotlight on the continent’s growing digital economy by scouting for and supporting the most innovative tech startups,” said Klaus Tilmes, the director of Trade and Competitiveness Global Practice at the World Bank.
“The success of these ventures will create a demonstration effect that can attract much needed growth investment in the sector and catalyse scaling of transnational businesses in the region,” said Tilmes.
XL Africa will collaborate with African investment groups such as the African Business Angel Network (ABAN), AngelHub Ventures, Goodwell Investments and Knife Capital.
The accelerator will also be collaborating with Nest Africa, Silvertree Capital, Singularity Investments, SA Business Angel Network (SABAN) and many others.
Corporate partners include Orange, .Eco, Ringier, and Thomson Reuters.
Story from Venture Burn. Story by Matthew Alexander.