Africa’s vibrant startup ecosystem requires support from multiple fronts to grow exponentially and sustainably. The continent is characterized by impressive growth rates and by the end of July 2022, the continent had recorded an estimated 370 deals valued at more than 3 billion dollars.

The contribution of ecosystem enablers such as Startupbootcamp Afritech is one of the most important factors enabling startups to scale and innovate.  Supporting enablers is also an essential part of the development process.

Through the Ventures Program and MASSIF, the financial inclusion fund FMO manages on behalf of the Dutch government.

FMO invests in inclusive business models and partners with intermediaries to provide the expertise that improves business operations and also supports a more vibrant start-up environment.

The partnership with SBC Afritech illustrates FMO’s commitment to empowering Africa’s tech ecosystem.

Speaking on this, Ventures Program Manager Marieke Roestenberg said, “As part of our entrepreneurial ecosystem building efforts, FMO was keen to support Startupbootcamp AfriTech in expanding their operations into more middle-tier markets. This partnership provides an opportunity to bring more world-class acceleration to entrepreneurs striving to build businesses that create jobs and better livelihoods for their families and communities.”

FMO joins partners such as DER/FJ, AWS, and Google in supporting the ASIP Accelerator program which aims to support the next generation of early-stage African tech startups disrupting key industry verticals that include FinTech, InsureTech, AgriTech, Climate-tech, eCommerce, Digital Health, and CleanTech. Inspired by FMO, SBC AfriTech has also added mobility, micro leasing, and digitizing the informal economy as key focus areas.

“Particularly when it comes to our regional focus, the alignment we share with FMO is a key reason why this partnership is so important. With their assistance, we continue our mandate to empower founders with disruptive solutions,” says Startupbootcamp Afritech co-founder Philip Kiracofe.

Once selected, participants will spend three months undergoing intensive coaching through expert-led masterclasses covering scaling fundamentals -from the business model canvas, and lean methodology, to fundraising. The program will take place in Senegal, culminating in a hybrid Demo Day where startup founders pitch their disruptive solutions to a broad audience of media, investors, corporate partners, and industry stakeholders.

Startups will also have access to SBC’s tailored coaching tool, the Accelerator Squared platform which has a complete library of content, group workshops, 1:1 mentoring, collaborative sessions with Entrepreneurs in Residence, and invite-only discussion forums with founders from around the globe.

This is in addition to customized support from experienced mentors and dedicated Entrepreneurs-In-Residence (EIRs).

The 10 startups in the program will also receive benefits valued at more than $750,000, including credits from AWS, Google Cloud Services, and a cash investment of $18,000.

Cohort 2 kickstarted in April 2022 and saw 11 award-winning African startups such as Neural Labs Africa, Proxalys, Parcsmart and Powerstove undergo the 3-month program, resulting in a successful demo day held on 6 July in Senegal where startups pitched their innovative solutions and business models to a network of key African stakeholders in the tech entrepreneurial ecosystem.   

Successes to date include: raised funds with UNICEF and Lion’s Den Nigeria, partnerships with government organizations, awards won at GITEX North Star Dubai Startup Pitch Competition and more.

Over the last 5 years, 50 African startups have completed the SBC Afritech Accelerator. 90% of the alumni are still operating and scaling, and collectively, SBC portfolio companies have raised more than $110 million in follow-on funding.

This track record makes SBC one of the most successful early-stage programs on the continent and for investors, the fund has performed among the top 5% of Silicon Valley VC funds.

Applications for Cohort 3 have opened on sbcafritech.com. SBC AfriTech will host FastTrack scouting events in more than 10 countries around the continent, including Ivory Coast, Nigeria, Ghana, Kenya, Morocco, Tanzania, and Ethiopia.

In partnership with Salient Advisory, SCIDaR, SouthBridge A&I as the coordinating team and CCHub, Startupbootcamp, IMPACT Lab, and Villgro Africa as the implementing partners, the program is designed to scale up  African health tech businesses that bring high-quality health products, including medicines, consumables, medical devices, assistive technologies, among others, bringing them closer to where patients are, at affordable prices.

Inspired by the progress and promise of African innovators in supply chain, the Bill & Melinda Gates Foundation, alongside Merck Sharp & Dohme (MSD), WHO AFRO, AUDA-NEPAD, and AmerisourceBergen, are launching i3.

Benefits

The consortium of donors, industry actors and African institutions will provide 60 promising early and growth-stage start-ups with risk-tolerant funding and access to market support to power innovators’ health impact and scale.

Pillars of the program

Access to Markets: i3’s flagship event that connects innovators to leading local and international industry players, financial institutions, donors, and governments to establish partnerships and pilot projects that fuel impact and scale.

Risk-Tolerant Finance: i3 provides systematic grants of $50,000 to all participating startups. This flexible funding is provided to address key business model needs and advance the startups’ charitable impacts.

Investment readiness support: i3 provides participating startups with tailored investment readiness support, delivered by leading innovation experts at CCHUB, Startupbootcamp Afritech, IMPACT Lab and Villgro Africa.

Eligibility 

i3 powers companies that bring affordable, high-quality health products closer to where patients are. we’re looking for companies solving supply chain challenges with data-driven solutions that include:

• Health Product Availability
• Accessibility of Health Products
• Health Product Quality
• Health Product Affordability
• Visibility of Health Product Movement
• Waste Management in Health Supply Chains

To be eligible to apply, startups meet the following criteria:

1. Representative of the business must be a founder/co-founder, and at least 18 years old with a valid ID document.

2. Company must be owned, led or operated by an African(s). This is defined as having an African national with long-term control and management of the business, an equity stake and an active role in both strategic and day-to-day decision-making. Organization does not need to be headquartered in Africa.

3. Business must have a legal presence on the African continent.

4. Business offerings must be focused on serving the needs of African customers.

5. Business must be in the early or growth stage as defined below. Nascent/idea-stage companies or mature companies (e.g. mature incumbent distribution businesses) are not eligible.

• Early-stage – You must have clearly defined your market, validated customer demand, developed a working prototype and product map and begun to generate revenue, with a strong plan to scale and sustain growth.
• Growth Stage – You must have a strong, well-defined revenue model, sales, and operational capabilities. Your Products and service must be primed to scale, and customer acquisition costs must be declining. You must have evidence of customer acceptance of your products (reflected in sales volumes, beyond early adopters).

6. Business must be technology-enabled and offer data-driven products or services focused on health product distribution.  Non-health businesses with documented plans to offer data-driven products or services focused on health product distribution in the short-term (2-3 months) will also be considered.

7. Businesses must be able to demonstrate that grant funding will generate direct improvements in one or more of the following areas: availability, accessibility, quality, affordability and visibility of critical health products.

8. Nonprofits, consultancies, intermediaries, and consortiums are not eligible.

9. You must show good management and governance.

The program has a special focus on supporting founders who are traditionally excluded, including women-led companies, and companies operating in Francophone Africa.

How to apply 

Be among the 60 companies to participate in the i3 program for African entrepreneurs creating solutions to the health product distribution challenge on the continent. Apply before the deadline on Sunday, August 14, 2022.