5 Kenyan startups are among the 20 African businesses selected to take part in 2017 XL Africa accelerator residency program in Cape Town, this November.
XL Africa is an initiative by the World Bank to support innovative African startups get investor ready by learning about marketing, financing and market expansion. The successful applicants also benefit from the networking opportunity with their peers.
Applications were invited from May, this year and 20 startups have now been invited from a pool of over 900 applicants. These are expected to raise between sh.25 million and sh. 150 million in capital investment at conclusion of the program.
Director of the Trade and Competitiveness Global Practice at World Bank Group, Klaus Tilmes said, “XL Africa attracted firms with high-growth potential; many have female co-founders, have already raised early stage investment, and have demonstrated significant market traction.
“The number and quality of applications received are a clear testament to the competitiveness of African start-ups and the key role they play in Africa’s growing digital economy.”
5 Kenyan startups are among the 20 that were picked for the XL Africa acceleration program, slated for the 6th to 17th of November in Cape Town, South Africa. These are:
- Lynx Jobs Ltd. (HR)
- Ongair (SME services)
- Pesabazaar (FinTech)
- Sendy Ltd. (Last-mile delivery)
- Sokowatch (delivery)
The selection for XL Africa was done by experts from the International Finance Corporation (IFC) in partnership with Koltai & Co, IMC Worldwide and Venture Capital for Africa (VC4A).
Here is the full list of 20 African startups selected: