Dutch venture capital firm No Such Ventures has led a seed funding round, raising €2.5 million, in African tech startup Propel. The funding round also saw contributions from APX, a joint venture of Axel Springer and Porsche, as well as Golden Egg Check and the Future of Learning Fund. Propel, headquartered in Berlin, is poised to leverage this investment to further its mission of revolutionizing the tech industry.
Founded in 2020 by Nigerian entrepreneurs Sunkanmi Ola, Seun Owolabi, and Abel Agoi, Propel addresses the last-mile problems of tech talent communities. The company offers an innovative all-in-one platform that empowers developer groups, talent incubators, training schools, and other communities to foster the growth and advancement of their members. Propel’s platform facilitates connections to suitable job opportunities, provides access to financial services like loans, and offers various benefits to support professional development.
This significant investment comes at a crucial time for Propel as it aims to accelerate its expansion plans and enhance its platform capabilities. The funding will provide Propel with the necessary resources to scale its operations and reach a wider audience of tech talent communities across emerging markets.
Propel’s platform brings together a multitude of tech communities, including developer groups, talent incubators, training schools, and more. These communities play a pivotal role in empowering tech professionals, offering mentorship, upskilling opportunities, and organizing events that foster peer-to-peer learning. By providing these communities with access to its infrastructure, Propel enables them to focus on what they do best and make a tangible impact on the growth of millions of individuals. With over 100 tech communities spanning 21 countries and serving more than half a million members, Propel has become a catalyst for collaboration, inclusivity, and innovation within the tech industry.
Speaking on the rationale behind this community-powered business model, Sunkanmi Ola, Co-founder and CEO of Propel shared… “Tech communities in high-growth markets like Africa have emerged to bridge education, capacity building, and inclusion gaps. They nurture talent, organize events, and respond swiftly to global trends. However, they face challenges in solving last-mile problems and achieving financial sustainability while making a meaningful impact. Propel provides a simplified platform that empowers communities to address these challenges and drive the growth of millions of individuals. Our vision is an empowered Africa that can solve the world’s tech problems, and we believe we’re on the right course to achieve that.”
Speaking about the raise, Sophie Heijenberg, investor at No Such Ventures, said, “Propel’s unique, community-focused approach to driving the open talent economy sets them apart and is a solid addition to the Future of Work category. We’re bullish about their roadmap and super-excited to partner with them on this growth journey.”
Propel is revolutionizing talent acquisition and pipeline building with its commitment to responsible and regenerative practices. In contrast to opportunistic approaches like headhunting or poaching, Propel deeply engages with ecosystems and utilizes its proprietary technology to identify the last-mile needs of exceptional talents within communities.
“At Propel, we’re championing more responsible and regenerative ways of hiring and building talent pipelines. Rather than deploying opportunistic practices like headhunting or poaching, we participate deeply in ecosystems, using proprietary technology to find the best talent within communities. And when we place people in jobs, our revenue is shared with the community they belong to – which is reinvested into programs and initiatives needed to get more people into tech.” said Seun Owolabi, Co-founder and Head of Strategy.
Till date, the company has raised roughly €3.5 million, demonstrating strong investor confidence in its vision and potential. Propel has also been recognized for its achievements, having been a finalist in the Seedstars migration challenge and a winner of the prestigious Google Black Founders Fund in Europe last summer.
As Propel continues to revolutionize the tech talent landscape, it remains dedicated to empowering individuals, unlocking opportunities, and shaping the future of work.
To learn more about Propel and its groundbreaking platform, visit www.withpropel.com.
