CyRV-UZXgAADgY6

Innovate Ventures partnered with VC4Africa, Telesom and Oxfam to host the demo day for the inaugural class of the Innovate Accelerator on November 27, 2016, in Hargeisa, Somaliland. The 2016 Innovate Accelerator program saw 4 startups win a total of $15,000 in equity investment.

The demo day had investors, corporate senior executives and press in attendance. There was a press conference and several keynote speeches. The event ended with a pitching and demo session and the investment awards.

Guri Yagleel, an online platform that allows users search for rental properties in Somaliland, and Muraadso, an e-commerce site for gadgets and electronics, both received $5000 equity investment. SomSite, a startup that provides software solutions for business and brands got $3000, while Hargeisa Daily Media Group, which provides media management software targeted at Somali consumers, got a $2000 investment.

Guri Yagleel

Guri Yagleel

Muraadso

Muraadso

Somsite

Somsite

 

Somsite

Hargesia Daily Media Group

The demo day is the concluding event of a 10-week long accelerator program that 12 early stage Somali startups participated in. Selection criteria  for the accelerator program included quality of application, how much traction the startup posesses, quality of the team and viability of the product. The program provided training and mentoring on business and operational skills, access to investors, opportunity to pitch to investors, media coverage, and chance of equity funding.

Applications to the program were called for earlier this year, and over 160 applications from Somali tech startups were received. 12 startups were eventually selected for the 10-week incubation period, and these 12 startups participated in the demo day.

Innovate Ventures is a start-up accelerator and technology fund created to develop the startup ecosystem in Somaliland and Somalia.

More From TC
Solar Saves Lives: One Hospital’s Story
people, startups
September 21, 2018

Nigerian businesses including hospitals critically need power to survive and for some, to save lives. Renewable energy (especially off-grid) presents a strong proposition to address the power challenges.

830 Pregnant Women Die Daily, How Can Tech Help?
Funding, people, startups
September 21, 2018

The top 20 countries in the world with the highest maternal mortality rates are in Africa making PPH as a factor in maternal mortality is a very serious problem that requires urgent attention.

Opinion: Why Nigeria’s Tech Ecosystem Shouldn’t Be Built Exclusively With Foreign Capital
Funding, people, startups
September 21, 2018

El Dorado will be a tech ecosystem built by international and local investors in a sustainable manner creating win-win scenario for all parties alike.

HydroPower Dominates Africa’s Renewables But Over 80% Of Its Potential Remains Untapped
people, startups
September 20, 2018

Africa has a potential to have installed energy capacity of about 350,000 MW (350 GW) from hydropower alone but only about 10 – 20% has been installed.


TechCabal is a Big Cabal Media brand



Copyright © 2018
All rights reserved

Privacy & Terms