FirstCheck Africa, a new angel fund with vision of making it easy for African women to raise capital and invest in technology, announces that it will invest US$25,000 each in six (6) female led tech companies and further support them in raising significant pre-seed rounds in 12 months.
Eloho Omame, the MD for Endeavor Nigeria and Odunayo Eweniyi, the co-founder and COO of PiggyVest, co-founded FirstCheck Africa, with the mission of advancing capital, equity and leadership to African women through entrepreneurship and technology.
They are again growing a community of female angel investors comprising of millennials and mid-career women who can potentially invest in ventured-backed tech-companies across Africa.
As to who can join this early believers of African women tech entrepreneurs, FirstCheck Africa will welcome into its fold bold women determined to launch their first tech startups. It is also for partners who also are with the conviction that the potential of African women led startups have been overlooked by mainstream venture platforms.
Reasons for this ambitious female focused angel fund
- The early-stage investment ecosystem in Africa hasn’t benefited women led tech startups very much. Where in 2019, the report is that less than 5% of global VC funding went to women led companies, more so, those in Africa.
- Women led startup founders get all the needed mentorship there is to give but receive less financial backing from VCs.
- FristCheck Africa believes supporting women founders should be on the basis of economics and less on social impact. This is true for them because in pitching, women tend to get investors attention if the pitch leans towards social impact but such funding are not adequate enough to build high-impact tech companies.
- The Early Believer thinks women in tech deserve to play equal role of building Africa’s next generation of companies. This call is an effort for Africa women to build wealth and influence in the technology entrepreneurship ecosystem as early investors.
Practical solutions FirstCheck Africa believes in
The access of capital to women entrepreneurs in Africa must be very well intended and female led. With a growing list of women-led venture capital funds, like Portofolia and All Raise, they are turning their previous cold funding experiences into a competitive advantage for the challenges women face.
The solutions they believe lies very much at the apex of the startup funding funnel, where there is the need to increase the pipeline of women entrepreneurs, address the biases faced by women as well as closing the gender confidence gap for women to easily raise initial startup capital.
Last but not least, the need for strong role models to inspire them. Women need powerful representation on platforms that easily allows for scaling. They also need to be playing major decision making roles.
What FirsCheck Africa is providing
- Writing female founders’ first checks and be their earliest believers
- Act as active connectors and collaborators, using their networks and resources to accelerate efforts
- They are prepared to spend their time, financial and social capital in helping female led startups validate their ideas and gain all-important early traction
- They will assist in raising the next stage of startup capital
In 2021 alone, FirstCheck Africa will be investing up to US$25,000 each in six (6) women led tech-enabled startups and closely working with them to raise significant pre-seed funding.
The co-founders say, FirstCheck Africa is open to all whiles they give premium to women that want to invest in tech by putting their money behind venture backed startups. This is an exciting moment for girls and women who really need somebody to believe in their tech business without any bias but strictly at economic viability of the company. Find out more about them here.
A Male and A Female Entrepreneur to Win US$50K Each in the GoGettaz Agripreneur Prize. APPLY!!!
Applications are open for the GoGettaz Agripreneur Prize 2021 aimed at finding the brightest young agri-food entrepreneurs on the African continent. This is a search for agribusinesses that are bringing tech, innovation and passion to the agriculture and food space.
The Gogettaz Agripreneur Prize is organized by Generation Africa, a partnership between Econet and Yara International to strengthen the ecosystem for youth entrepreneurs in the agri-food sector across the continent.
The prize is looking for agribusinesses that show the following features;
- Environmental sustainability
- Social and commercial impact
- Originality and innovation
- Market potential and traction
- An investible team
Who Qualifies to apply?
- Be 35 years and below
- Hold nationality (with an official ID) from any African Union member country
- Be a founding member of the startup and play an active role in its operation
- Have no criminal record
The submitted company shall meet the following terms,
- The business should be legally registered in any AU member country and also headquartered on the continent
- It is built to be financially sustainable either as for-profit or non-profit generating revenue and not solely dependent on donor funding
- The venture currently plays a role in the agri-food sector and/or supports the development of the agri-food sector through an innovation or process improvement
- The agri-food sector may be defined as businesses including:
- Agri-food research & development
- Primary food production (farming)
- Crop nutrition
- Mechanisation, automation or robotics, including drones
- Crop protection
- Hydroponics or urban farming
- Transport, distribution, storage or logistics
- Food processing
- Packaging or marketing
- Food retail or service
- Waste management or recycling
- Digital or technology solutions/services to the agri-food sector
- Innovative finance solutions/services to the agri-food sector
- Renewable energy or environmental solutions/services to the agri-food sector
After a thorough review of applications by expert jury, semi-finalists will receive notification via Facebook and email by the 17th of July 2021 where they will each be interviewed and asked for further information.
By the 27th of July, the finalists will be announced with six (6) males and six (6) females to compete in the final virtual pitching contest at the Africa Green Revolution Forum (AGRF) virtual meeting 2021.
The Grand Prize
Two successful entrepreneurs; male and female, will each receive $50,000 for being the most innovative and scalable agric business idea. All GoGettaz finalists will also be awarded mentorship, programming linkages and other guidance to continue their entrepreneurial journey. APPLY HERE
Deadline for applications
The GoGettaz Agripreneur Prize welcomes applications till the 14th of June, 2021.
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