Innovate Ventures Fund to invest over $15K into Somali startups to grow the country’s nascent startup ecosystem

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The Somali-based Innovate Ventures Fund is calling for startups to apply into its 2017 accelerator with an aim to invest up to $15,000 into the best 3 participants from the 2017 cohort from Somalia and Somaliland.

“Building on our previous success in supporting businesses in Somaliland and Somalia, this accelerator programme is intended to help further grow the tech scene and provide start-ups the mentoring and investment they need.”, says Dr. Abdigani Diriye, Director of Innovate Ventures.

Innovate Ventures accelerator says applications are accepted online from entrepreneurs under the age of 35. The applications will close on 30th June 2017.

Launched in partnership with VC4A, Telesom and Oxfam, this year’s programme will initially select 12 to 15 startups for a one week long bootcamp then pick out just 10 to participate in the full Innovate Accelerator programme for mentoring and business training. The accelerator programme will culminate in a Demo Day where last year’s graduates have received investment and clients.

Innovate Ventures saw over 180 applications submitted for last year’s inaugural cohort. This year the Innovate Accelerator programme is expected to have more than last years to help jumpstart the country’s tech ecosystem.
According to Alina Vinogradova, Head of Programs and Partnerships at VC4A: “A program like this was much needed to jump start local tech start-up scene and to put Somaliland on the map as a possible destination for angel investment. Relatively small seed rounds go a long way here – we hope for Somali diaspora to step in and close the funding gap for entrepreneurial youths.”
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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