Propel, an African tech startup headquartered in Berlin, has successfully raised €2.5 million in seed funding to expand its platform and accelerate the growth of tech communities. The round was led by the esteemed Dutch venture capital firm No Such Ventures, with additional contributions from APX (a joint venture of Axel Springer and Porsche), Golden Egg Check, and the Future of Learning Fund.
Propel, founded in 2020 by Nigerian entrepreneurs Sunkanmi Ola, Seun Owolabi, and Abel Agoi is dedicated to solving the last-mile problems of tech talent communities. The startup offers an all-in-one platform that allows developer groups, talent incubators, training schools, and other communities to leverage its resources for the growth of its members. Through Propel’s platform, these communities can facilitate connections to suitable job opportunities, provide access to financial services like loans, and offer various benefits to support their members’ professional advancement. In addition, Propel enables these communities to generate revenues through collaborative partnerships, which can be reinvested into initiatives and programs aimed at attracting more individuals to pursue careers in 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 gaps in 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 most exceptional talent within communities.
Furthermore, Propel leverages cutting-edge technological advancements to facilitate intelligent matching decisions for companies on a global scale. The platform incorporates a sophisticated data profiling model that systematically collects and analyzes a wealth of information about each individual in its ecosystem, encompassing factors such as work preferences, psychometric data, and earning potential. By harnessing the power of data, Propel delivers a personalized and customized experience for tech professionals across diverse communities and partner companies. This data-driven approach enhances the effectiveness and efficiency of talent matching, ensuring optimal outcomes for professionals and organizations.
With this new infusion of funds, Propel is poised to accelerate its expansion plans, enhance its platform capabilities, and forge new partnerships with tech communities worldwide. The company’s dedication to addressing the needs of tech talent communities and empowering them to thrive aligns perfectly with the evolving demands of the global tech landscape.
For more information about Propel visit www.withpropel.com.
