Three Tech Startups Get $30,000 Seed Capital at Innovest Afrika

Esther Oluku

Three tech startups at the Innovest Afrika Investment Summit and Demo Day have gotten a seed fund of $10,000 each after emerging as the top three startups at the maiden edition of the Innovest Afrika Accelerator Programme.

The Founder, of Innovest Afrika, Mr. Femi Moito, who spoke with journalists on the sidelines of the event said that with only about 2 per cent of African tech founders getting access to funding globally in the last 10 years, there is an existing need to support and retain tech startups within the continent.

He explained that through accelerator programmes, Innovest Afrika is targeting to support 5000 tech startups by providing founders with mentorship, resources and funding they may need to scale their businesses.

While advising startups during the panel session, Co-Founder and Chief Executive Officer (CEO) Alajo, Ms. Jumoke Oduwole, shared that beyond pitches, founders must leverage relationships to access current industry information and access funding.