Norwegian based Accelerator Pangea has unveiled a scale-up program that will offer private funding for local startups. The program aims to enable more African entrepreneurs to gain access to the capital they need to move to scale their businesses offering funding up to Ksh 300 million and business support to enable locally funded startups to accelerate their enterprises to the next level.
Successful start-ups will tap into the vast networks of Pangea Accelerator while receiving relevant coaching that speaks to the needs of their businesses
The startups will further tap into the vast networks of Pangea Accelerator while receiving the relevant coaching that directly speaks to the needs of their business. The support will also enable the startups to move up the ladder from the Seed level to Series A.
“Out of the local start-ups that have raised more than $1 million, only 6% have local founders while the rest are founded by expatriates. As an accelerator, we are looking to change this narrative and enable more African entrepreneurs to gain access to the capital they need to move to the next level through programs like the Pangea Scaleup program”. said CEO and Cofounder of Pangea Accelerator Jonas Tesfu while announcing a call for applications for the program.
Like in many other African countries, Kenyan startups face a major challenge in finding investors to fund their businesses- a task considered difficult and time-consuming. “it is also on this backdrop that as Pangea we step in and help bridge the gap between entrepreneurs and investors, and we provide them with the skills they need to take their start-ups to the next level,” said Tesfu.
Successful applicants of the program will also receive tailored coaching sessions to suit their specific business requirements and optimal matching of investors to fund their businesses. The start-ups also get to tap into the vast networks that Pangea Accelerator has. This is in addition to coaching relevant to the needs of their businesses and funding from different investors. The program also focuses on building long term relationships that will extend beyond the 18-month duration.
The scale-up program will be 18 months long to ensure that the selected start-ups will have all the support they need. In addition, it is sector-agnostic and seeks the best start-ups in different sectors of the economy.