Corporate-backed tech startup accelerator and incubator Founders Factory has announced that it will, through its Founders Factory Africa initiative, build and scale 100 tech startups across Africa in the next five years.

In a statement on 10 October, London-based Founders Factory said it is partnering with Standard Bank and British-American serial entrepreneur Roo Rogers to run the Founders Factory Africa tech accelerator and incubator.

From Tech Burn.

Since Founders Factory was founded by Brent Hoberman and Henry Lane Fox in 2015, the accelerator and incubator has secured over £100-million in funding for 70 startups and implemented 60 pilots with its corporate partners. In all 30% of these startups have secured contracts with corporates and five have closed direct investments.

“We look forward to applying our learnings and methodology to the sub-Saharan Africa market and to supporting the most talented and ambitious founders,” added Fox.

Standard Bank chief executive for personal and business banking Zweli Manyathi said the bank looks forward to creating a support system for entrepreneurs which helps them work better with corporates.

Rogers, who said he has worked in Africa for over a decade, stated that he believes that success is underpinned by strong collaboration.

Read more at Tech Burn.