Innovation hub support organisation AfriLabs has launched the AfriLabs Connect Deal Room (ACDR), aimed at addressing the critical challenges of identifying, funding and accessing investible startups in Africa.
AfriLabs is a network organisation that is committed to driving innovation and entrepreneurship on the continent by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem. It has over 430 members.
During its 2023 Annual Gathering event, AfriLabs announced the ACDR, which aims to streamline financing for innovative startups across diverse sectors in Africa while providing investment funds access to a pan-African pipeline of investible and de-risked startups.
Promoting a dynamic investment ecosystem, funds and investors can register their portfolio startups into a private pool through the Deal Room. This pool makes it easier to match companies precisely based on factors like ticket sizes, sector of interest, and detailed specifications, using AI.
Additionally, AfriLabs’ vast network of over 500 physical innovation and technology hubs spread across 54 countries and over 250 cities, facilitates the provision of follow-up support for ACDR’s effort by fostering pan-African collaboration and offering additional investment readiness resources to the startup founders involved in the initiative.
Global venture capital networks such as Renew Capital, International Accelerators, Neterra Capital and business support tools and services such as Silicon Valley in Your Pocket are pioneer partners in the ACDR.
“AfriLabs Connect Deal Room is targeted at hubs with mature startups aiming to scale with sizeable Pre-Series, Series A, B, and C type of funds. We’ve lined up an investor pipeline that has Africa in mind. These investors are adapting their business processes to the continent, and they are ready to work with startups looking to scale up,” said Ajibola Odukoya, chief operating officer of AfriLabs.
The ACDR will operate on AfriLabs Connect, a purpose-built ecosystem engagement platform that assembles Africa’s largest community of innovation enablers. This initiative marks a transformative step towards propelling Africa’s startup ecosystem to new heights, reinforcing AfriLabs’ commitment to fostering innovation, collaboration, and sustainable growth across the continent.
