Somali Accelerator graduates another cohort of startups and gives $30,000 in investment at the Demo Day in Hargeisa
|This year’s accelerator saw over 400 applications received, building on the traction of last year’s programme|
|HARGEISA, Somaliland, November 8, 2017/ — Innovate Ventures (www.Innovate.so), the leading Somali tech and business startup accelerator launched in partnership with VC4A (https://VC4A.com), Telesom (www.Telesom.net) and the Work in Progress! Alliance, had their second cohort of 10 startups from Somaliland and Somalia graduate from their programme. This year’s accelerator saw over 400 applications received, building on the traction of last year’s programme. The seed investment given doubled from $15,000 last year to $30,000.|
First place went to Bilan Baby, a startup that sells baby furniture, accessories and baby clothing as well as maternity products. Bilan Baby received $7,000 in seed investment. Second place went to SAMS, an agritech marketplace for farmers and buyers and Almijet, a digital printing company who received $5,000 each. Finally, Brandkii, an online marketing and advertising startup, received $3,000. Further investment was provided to Muraadso, an e-commerce startup and last year’s winners; they received $10,000.
Innovate Ventures (www.Innovate.so) is the leading startup accelerator and technology fund in Somaliland and Somalia. Innovate Ventures was created to propel and accelerate technology startups in Somalia and Somaliland, support the next wave of Somali entrepreneurs, and grow the nascent startup ecosystem in the country. Innovate Ventures have run coding camps, incubators and accelerators in the Somali region since 2012.
VC4A (https://VC4A.com) is a startup funding platform and a network of entrepreneurs, angel investors, venture capitalists and mentors building game changing companies on the African continent. VC4A supports the growth of Africa’s startup ecosystem by connecting startups to both hard and soft capital through online platform, promoting the culture of angel investment and providing technical support to local accelerators.
The goal of “Work in Progress!” is to improve the economic prospects of young men and women in Egypt, Nigeria and Somalia, create jobs and stimulate entrepreneurship by improving the skills of young people, strengthening small and medium enterprises (SMEs) and creating an enabling environment. Alliance partners include Oxfam, VC4Africa and Butterfly Works.
Telesom (www.Telesom.net) is the largest telecommunications company headquartered in Hargeisa, Somaliland. Telesom provides a variety of mobile communication products and services. It offers prepaid call plans, monthly subscription plans, International Roaming, MMS, WAP (over both GSM and GPRS), residential fixed line services, and broadband internet plans.