KfW Development Bank is financing Chapter54 for the German Federal Ministry for Economic Cooperation and Development.
Partech, which was founded in San Francisco, Paris, provides capital, operational expertise, and strategic support for start-ups, venture, and growth-stage entrepreneurs. Partech currently has over 200 companies across more than 30 countries. 14 of these are valued at more USD 1 billion.
“Because it is unique in Tech ecosystems in Europe and Africa, Partech Shaker was an excellent selection to be the sparring partner of European scaleups looking to invest in Africa,” says Dr. Jan Martin Witte (Director Global Equity and Funds, KfW).
European start-ups have shown that Africa is a challenging market. They also need to be familiar with the local markets and have access to skilled workers. Chapter54 has a network of around 50 advisors and mentors in the field. All sectors are welcome, but companies must have some business experience, have at least two years of active European citizenship, have regular income, and have a strong financial foundation.
” Africa is a country with great potential: it has a wealth and entrepreneurial spirit, as well as innovative strengths, cultural diversity, and a wealth in resources. Despite some setbacks from the pandemic, every second African state is now considered a “middle-income country”. Africa’s population is growing fast: it will double by 2050. Today, 40% of Africa’s population are under 15 years old. They are also tech-savvy. The continent will have the largest workforce by 2035. KfW stated that 20 million jobs are needed each year.
The accelerator program will last eight months and accept ten technology scaleup businesses each year for the next four-years. The initial phase of applications can be submitted between 7 February 2022 and 5 March 2022.
Companies interested in learning more can visit the Chapter54 website.