Norwegian incubator in search of fintech, agribusiness start-upsWednesday January 17 2018
Norwegian accelerator Pangea has partnered with Strathmore University’s iLab Africa to link up Kenyan start-ups with global investors and mentors.
Pangea has opened an online platform to receive applications from start-up in ICT, agribusiness, fintech, healthcare and education sectors until February 19.
Applicants must address a gap in society.
The programme will select 40 start-ups that will undergo a three-month training.
“The Pangea Accelerator offers dedicated expertise to help your company reach full potential and connect you to capital and investors to scale your company,” said Pangea.
It will eventually pick 10 best start-ups an run a demo and conclude with a demo-day on April 3. The winners will receive initial funding of up to Sh5 million ($50,000).
Apart from iLab Africa, other advisers include impact investor Francis Stevens, associate professor Rotem Shneor and Michael Monari, the chief executive officer at Longitude Finance (Lofin), a venture capital firm in Kenya.
“Among topics to be tackled during the training are financial literacy, book keeping and accounting, compliance and personal finance management,” said Mr Monari.
He said the interaction with investors, mentors and advisers will continue beyond the demo-day which is a deliberate move to support their growth and development.
The Pangea platform provides innovators with a larger pool of diverse resources to thrive.
Pangea’s plan comprises the launch of a crowd investment platform in June 2018, allowing accelerated startups further access to funding.
“By joining Pangea’s accelerator programme, your startup may benefit from even more funding when Pangea’s crowd investment platform launches in June 2018,” Pangea said on its website.
Pangea advocates for smart money investment, which entails pairing start-ups with investors who can not only provide funding but also have the expertise and experience to scale the startups in new markets.