Endeavor and FMO, the Dutch entrepreneurial development bank, have announced the continuation of the African Agritech Accelerator initiative. This program aims to provide support for a second cohort of early-stage African agritech firms, building upon the successes and insights gained from the first cohort, which ran from February 2022 to February 2023. The upcoming program is scheduled to commence in January 2024.
With a primary focus on addressing growth challenges encountered by agritech startups on the African continent, the program aims to expand the cohort’s scope by including technology startups related to agriculture. Entrepreneurs participating in the program will have the opportunity to engage with industry experts and potential investors through Endeavor’s tailored mentoring approach and extensive network.
Alison Collier, Managing Director of Endeavor SA, expressed her enthusiasm, stating, “It’s truly exciting for Endeavor to collaborate with FMO and AfricaGrow to drive growth in the Agritech sector of Africa, thereby enhancing food security and fostering local revenue and job growth across the continent.”
In addition to FMO’s funding, AfricaGrow has also joined as a co-funder for the program, highlighting their shared commitment to bolstering the agritech sector in Africa. The alliance aims to actively increase the pipeline of investable companies and attract additional local, regional, and international investors to achieve scale.
The Technical Assistance Facility of the FMO Ventures Program, supported by the Dutch government and the European Union, includes the Entrepreneurial Ecosystem Building component. This component focuses on improving the services of incubators, accelerators, and other entrepreneurial support groups, as well as facilitating early-stage financing for businesses, to advance the maturity of the venture capital industry in specific emerging nations.
Marieke Roestenberg, the program manager for FMO Ventures, emphasized the importance of providing more investment readiness services for scaling businesses to expand the agritech sector across Africa.
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