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26 Young African Entrepreneurs Qualifies For Anzisha Prize Fellowship, Receives $20K Each

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The Anzisha Prize Fellowship has revealed its top 26 entrepreneurs for 2021. The entrepreneurs, who are between the ages of 18 and 22, will each receive more than US$5,000 in funding and more than US$15,000 worth of venture building support services over three years, which are aligned with the prestigious fellowship’s new structure of enabling young people to receive the financial and mentoring support they need to succeed.

“We’ve seen clearly that a transition from secondary or tertiary education directly into sustainable entrepreneurship requires both financial and learning support,” comments Josh Adler, Executive Director of the Anzisha Prize. “Through our long-term partnership with the Mastercard Foundation, we’re thrilled to not only announce an increase in the number of fellowships we can offer each year but also in the monetary support each venture will receive.”

The 2021 Anzisha Fellows were selected from hundreds of applications across Africa and passed multiple stages of vetting and evaluation. Applicants were from countries such as Mali, Togo, South Africa, and Madagascar and running businesses in education, health, agriculture, manufacturing, energy, and beauty. These young Africans are demonstrating how it’s possible to pursue entrepreneurship as a career in the face of the pandemic.

In selecting 26 fellows this year, the annual Anzisha Prize fellowship has more than doubled in size since its first selection process, which included 12 innovative, young, African entrepreneurs in 2011. In that time, Anzisha’s venture-building support team has worked closely with over 150 early-age entrepreneurs in over 30 African countries. We have developed a pioneering approach to coaching, skills development, and business support that has now been packaged into a three-year learning journey.

“Our fellowship offering has essentially been reframed as an alternative or accompaniment to university education for entrepreneurs in this age group,” adds Adler. “The grand prizes, which recognized achievement prior to selection as a fellow, will now recognize excellence from young entrepreneurs who role model job creation, venture growth, storytelling, and process improvements during their fellowship.”

The selected top 26 entrepreneurs represent 17 countries with 30 percent being Francophone. They include Côte d’Ivoire, the Democratic Republic of Congo (DRC), Kenya, Madagascar, Nigeria, Mali, South Africa, Tanzania, Togo, Uganda, and Zimbabwe. Nigeria has the largest cohort with four in the top 26. Young women are well represented, making up 10 of the 26 entrepreneurs.

“Young African entrepreneurs have continuously shown that they can rise to the challenge when given an opportunity. And what a challenging 19 months it has been for our world. Yet the caliber of innovators we consistently see apply to this program, proving that the rebuilding and reimagining of economies can be entrusted to young people. We are committed to supporting the growth of the Anzisha Prize and betting on the potential of young entrepreneurs to drive transformation,” says Philip Cotton, Director of Human Capital Development at the Mastercard Foundation.

After the selection process, the entrepreneurs will participate in a virtual induction boot camp for 10 days where they will engage with business leaders and past winners of the prize. The boot camp will prepare them for what lies ahead over the next three years.

The top 26 were selected this year, in a four-part series that follows the Anzisha Prize team and their search for Africa’s youngest, most exciting entrepreneurs.

The 2021 Anzisha Prize Fellows are:

Constant Ayihounoun, Benin, 21 – Constant is the founder of Agreco Sarl, a company that produces organic fertilizers and pesticides.

Sergio Tabe Ashu, Cameroon, 21 – Sergio is the founder of Excel Academy, which provides private home tutoring services to K-12 students and national exam preparatory classes for senior secondary school students.

Hebrey Issa Abraham, Cameroon, 21 – Hebrey is the founder of DATA, which produces and sells vegetables.

Krys Elfried Digbehi, Côte D’Ivoire, 18 – Krys is the founder of Yeyiba Restaurants. The venture cooks and sells African and European dishes to local colleges, high schools, and universities.

Victoire Bakunzi, Democratic Republic of Congo (DRC), 21 – Victoire is the founder of Basuyi business that produces African-style jackets and tunics.

Oumar Diogo Sow, Guinea, 22 – Oumar is the founder of Felian Trading Limited. The business cultivates rice and cassava.

Martin Sure Ondiwa, Kenya, 21 – Martin is the founder of Greenfarms, a company that produces and sells fresh fruits to consumers and vendors.

Tsantatiana Fideranaharilala Rakotoarimanga, Madagascar, 22 – Tsantatiana is the founder of Dream Study Agency. The agency helps students in Madagascar apply to universities abroad.

Mahefarivo Thierry Andrianarinoa, Madagascar, 21 – Mahefarivo and two of his friends founded Coufé Madagascar. Coufé is a fashion brand that specializes in embroidered, customizable t-shirts that are handmade by women detained in prison.

Martin Masiya, Malawi, 21 – Martin is the founder of Sollys Energy, which distributes solar lamps and solar lanterns using a Pay-As-You-Go model for customers in semi-urban and rural areas.

Adama Kanté, Mali, 22 – Adama is the founder of Food Sante, which is a production and processing company for agrifood products.

Ali Ould Mohamed, Mali, 18 – Ali is the founder of Créa-Couture, a clothing company that sells a variety of products such as pants, skirts, shirts, and suits for men and women.

Renata Silva, Namibia, 19 – Renata is the founder of RS Clothing Brand, which sells trendy clothes to young people between the ages of 15-25.

Eneyi Oshi, Nigeria, 19 – Eneyi is the founder of Maatalous Nasah. The business farms chickens, fish, and eggs to sell to urban dwellers through an e-commerce web application called Farmisphere.

Esther Akin-Ajayi, Nigeria, 19 – Esther is the founder of Jemai Interiors, which sells furniture pieces and architectural materials. They also render interior designs and offer 3D visualization services to other architectural companies and individuals.

Oluwadamilola Akinosun, Nigeria, 22 – Damilola is one of the founders of Grant Master, an online marketplace that connects ambitious organizations that are in need of debt-free and equity-free funding. The organizations in need are connected with grant writers.

Grace Okezie, Nigeria, 22 – Grace is the founder of Royal Graced Baking Company, which bakes and sells healthy snacks and foods to customers.

Rebecca Samuella Kalokoh, Sierra Leone, 20 – Rebecca is the founder of Grace Venture Natural Products, which extracts oils from seeds, herbs, and fruits to produce natural cosmetics that are sold in the local markets of Sierra Leone.

Amadu Deen Bah, Sierra Leone, 21 – Amadu is the founder of Caballay Investment, which produces paper bags and bags for packaging that is sold to local businesses.

Masello Mokhoro, South Africa, 22 – Masello is the founder of Starlicious Enterprises. She grows day-old broiler chicks and pigs and sells them to individuals in her community.

Doroles Mihanjo, Tanzania, 20 – Dolores is the founder of Maktaba. The business sells educational documents such as past papers, notes, and online content books to parents, schools, and teachers.

Rebecca Taboukouna, Togo, 22 – Rebecca is the founder of RBK Pearls, which manufactures and sells beaded accessories.

Jovia Nassuna Kintu, Uganda, 21 – Jovia manufactures and sells affordable organic shampoo, conditioner, and other hair products. She founded Kia Cosmetics to provide women with an alternative to hair care products containing chemical additives.

Viola Kataike, Uganda, 21 – Viola founded her venture in 2020 to impact the lives of refugee communities. A Hand for a Refugee trains members of Kyangwali refugee camp in growing and harvesting passion fruit.

Munyaradzi Makosa, Zimbabwe, 21 – Munyaradzi Makosa is the founder of Farmhut Africa, an online marketplace designed to connect farmers in rural Zimbabwe directly to the market.

Tafadzwa Chikwereti, Zimbabwe, 21 – Tafadzwa launched Murimi Electronic Agriculture using artificial intelligence and machine learning. The business helps financial institutions to process loans faster, and farmers to ascertain their financial health.

About Anzisha Prize Fellowship

The Anzisha Prize is a venture-building fellowship program that has successfully supported and championed very young entrepreneurs for over 10 years. The fellowship is a three-year program that celebrates and rewards business growth.

Anzisha Prize applications for the 2022 cohort of young business owners open on 20 October 2021.

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Nigeria Leads African Startup Funding with $160 Million in First Quarter

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Despite challenges in the global economy and a slowdown in funding across Africa, Nigerian startups have demonstrated resilience by securing $160 million in funding during the first quarter of this year.

This shows Nigeria’s position as a key player in the continent’s vibrant startup ecosystem and highlights the potential for continued growth and innovation in the Nigerian tech sector.

A new report by Africa: the Big Deal noted that Nigeria, alongside Kenya, South Africa, and Egypt, accounted for 87 percent of all startup investments in Africa during this period.

The breakdown of funding among these four countries showed Nigeria leading the pack with $160 million, followed by Kenya with $108 million, South Africa with $72 million, and Egypt with $53 million.

This data underscores Nigeria’s dominance in attracting investment within the African startup landscape, cementing its status as a hub for innovation and entrepreneurship on the continent.

According to the report, the majority of investments were channeled to startups headquartered in these four countries, with Nigeria and Kenya capturing the lion’s share of funding.

Only a handful of other African nations managed to secure more than $5 million in funding during the first quarter, highlighting the concentrated nature of startup investment activity in Africa.

Despite the challenges posed by the COVID-19 pandemic and economic uncertainties, African startups have continued to demonstrate resilience and adaptability. Many entrepreneurs have innovated and created new business models to navigate the evolving landscape, driving growth and attracting investor interest.

Prashant Matta, SP of Panache Venture, acknowledged the decline in funding as a global issue exacerbated by economic challenges. However, he expressed optimism about Nigerian startups, citing mega-deals such as the $100 million investment into Nigerian mobility fintech startup Moove. These mega-deals, fueled by investments from outside Africa, show the confidence of international investors in the Nigerian tech ecosystem.

The report highlighted that the logistics and transport sector emerged as the top recipient of funding in the first quarter, totaling $151 million from 14 deals. Nigerian startup Moove raised a significant $110 million during this period.

Following closely behind, fintech attracted the second-highest funding with $105 million, followed by agric and food with $50 million, energy with $49 million, and healthcare with $45 million. These sectors reflect the diverse range of opportunities and innovations driving growth in the Nigerian startup ecosystem.

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African Healthtech Shows Resilience with Mere 2% Decline in Funding While Broader Tech Ecosystem Plunges in 2023

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Healthcare consulting firm Salient Advisory has launched its latest Intelligence Report, presenting findings on funding activity, covering grant, equity, and debt investments for African healthtech startups in 2023.

Titled “2023 RoundUp: Investments in African HealthTech”, the report provides analysis on funding trends in African healthtech ecosystems.

It provides insights for key stakeholders across governments, investors, donors and global health institutions, and is funded by the Bill & Melinda Gates Foundation.

While investments in African startups plummeted last year, mirroring global trends, healthtech showed resilience, experiencing only a 2% dip compared to a staggering 39% decline in the broader ecosystem.

The number of deals in African healthtech rose by 17% year-over-year (YoY) to 145, with total funding of $167 million and an average ticket size of $1.1 million. In total, 114 innovators received funding in 2023, with 23 receiving multiple investments in the year.

The number of deals for women-led companies remained relatively steady (26 in 2022 vs. 33 in 2023), however, the amount of funding saw a dramatic shift as the gender gaps significantly narrowed: women-led companies secured $52 million in funding –31% of all investments in 2023. This represents a 2000% YoY increase compared to the $2 million (1.4%) they received in 2022.

Online pharmacy solutions attracted the majority of investor capital, capturing 38% ($63 million) of all funding raised, driven by Series B funding rounds by Kenya’s Kasha ($21 million) and MyDAWA ($20 million), alongside Egypt’s Yodawy ($16 million).

Electronic medical records solutions were the second-best funded category, driven by Helium Health’s $30 million Series B funding round.

Equity investments accounted for 91% of total funding with an average deal size of $3.2 million. This significantly outpaced grants, which only contributed 7% of capital with an average ticket size of $168,000.

However, grants continue to play a crucial role in enabling access to early-stage funding for innovators to test and validate their business models. Debt funding remains rare as only one debt-based investment was tracked in 2023.

While still rare, merger and acquisition activity doubled in the past year with four key transactions. The prospect of future funding also appears strong as, despite broader economic headwinds which suggest a slowdown in funding for technology startups, over $600 million in new funding was announced by investors with an interest in African health systems.

Speaking on the launch of the report, Yomi Kazeem, Engagement Manager at Salient Advisory, commented:

“The resilience of African healthtech innovations shines through in the findings of this report. Amid difficult headwinds, these innovations continue to demonstrate commercially viable models that have the potential to improve access to healthcare and deliver impact at scale. The increased funding for women founders is a high point and, in coming years, investors must prioritise sustaining strategies that ensure equitable funding across founders.

Dr. Analía Porrás, Deputy Director, Global Health Agencies and Funds, Bill & Melinda Gates Foundation, also commented: “African healthtech has proven resilient over the past year, with innovators receiving investments to test, validate and scale solutions that have the potential to transform health systems across the continent. We are pleased to be playing a role by providing innovators with risk-tolerant capital through the Investing in Innovation program and hope to see the current resilience translate into increased confidence and funding from investors and donors.”

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Nigeria Loses Startup Investment Crown to Kenya as Foreign Investments Plunge by 65.83%

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Nigeria has lost its coveted crown as the top destination for startup investments to Kenya, according to the latest report ‘Africa: The Big Deal’.

Foreign investments in Nigerian startups declined by 65.83% year-on-year from $1.2 billion in 2022 to $410 million in 2023.

During the same period, Kenya raised $800 million to emerge top destination for investments in Africa while Nigeria dropped to the fourth position in terms of total startup investments.

However, the Big Four African nations, including Kenya, Egypt, South Africa, and Nigeria, continued to dominate the startup funding scene in 2023 and attracted 87% of the total foreign investments on the continent.

The report highlights Nigeria’s pivotal role in this shift, noting that while the country still boasted the highest number of startups raising $100,000 or more (146, constituting 29% of the continent), the total funding amount experienced a drastic threefold decrease year-on-year.

The research firm observed that “Nigeria is the country where the most dramatic change happened in 2023.”

Despite maintaining a high number of startups, the total funding for Nigerian startups plummeted to $410 million, compared to $1.2 billion in 2022 and $1.7 billion in 2021.

Consequently, Nigeria’s share of Western African funding declined to 68%, down from 85% in 2021 and 77% in 2022.

This decline in startup investments emphasizes the changing dynamics of Africa’s tech ecosystem with Kenya emerging as a formidable player in the startup funding arena.

As Nigeria grapples with this setback, stakeholders are left pondering the reasons behind this significant shift and exploring avenues to revitalize the country’s startup investment landscape.

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