Nairobi-based Africa-focused accelerator Savannah Fund has announced that its 4th accelerator class will close March 31 bringing in startups from across the continent to start the program in mid April 2015 in Nairobi, Kenya.
All the applicants will have to stay in Nairobi during the period.
Savannah Fund says it will deploy between $25,000 to 30,000 in each startup for just 12% equity stake. The fund is expecting to host up to 5 startups for the 3 months. Savannah Fund says as part of the investment there will be a $2,500 Program fee out of the investment to cover expenses such as legal and office space among others so the net funding is between $22,500 – 27,500.
The online applications require the founder to provide their names, email, company URL and co-founders. Because there is a slot for a technical co-founder lacking one might be your undoing. The founder is also asked to identify any projects they have helped launch as well the type of product or service their startup is going to build and what makes it unique from the competition.
Founders should also describe the state their startup is in and if they have a prototype ready, have paying customers and have significant revenue or are profitable.
Founders should also list if they have raised any external funding in the last year either via competitions or grants or from other accelerators or angel or institutional investors. If you read this story and applied let Savannah Fund know we told you and that’s a bonus.
Last year, Savannah Fund took Cardplanet to the US to join 500 startups. Founders from this corhot als join a top global accelerator like their counterparts. Savannah Fund has invested in over 16 startups from around Africa and applications are open to anyone from any country in Africa. English is the language of intruction.