Fifteen African startups will get the chance to raise a collective €20-million in Series-A funding from European funders when startup tour PitchDrive gets off the mark in the coming weeks.
The three-week tour, which is set to begin on 14 August, is an initiative of Nigerian technology innovation centre Co-creation Hub (CcHUB) which has partnered with Google for Entrepreneurs.
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The tour kicks off at Google’s Campus in London, before heading to TQ Amsterdam, Factory Berlin and then to the Impact Hub in Zurich, Switzerland, before concluding at NUMA Paris.
Startups will get to explore the various markets the tour passes through and get the chance to pitch in front of more than 300 investors.
In a press release CcHUB CEO Bosun Tijani said applicants will be subjected to a rigorous selection process. Those selected will go on to have their business models scrutinised by highly experienced investors at a Demo Day on each stop of the tour.
“It will be tough, but ultimately, we hope to help secure a number of breakthrough capital deals for those who embark on this journey with us,” continued Tijani.
Applicants looking to apply need to be in the position to raise funds at a seed stage and above. Their business must be at least two years old and be a registered enterprise with at least 12 months of revenue and operations based in Africa.
PitchDrive will aim to help African startups raise €20-million in funding
In addition eligible startups should have a strong management team that has been working together for at least 12 months and who own between 30% and 60% of the company. The founders must also be available for a three-week period during August.
Ideally the PitchDrive team say it is looking for companies that are tech-enabled with proprietary or patented tech that has been validated by reputable corporate customers. Their products should also be in mobile fintech or agritech.
PitchDrive will provide all travel, accommodation, transport and visa support. The team will also provide selected startups with mentorship and support from tech founders with experience in raising funds, such as Iroko’s CEO and founder Jason Njoku.
Other mentors include Reuters Saidah Nash Carter, Illuminate Africa’s Stephen Newton and the head of global partnerships at Google for Entrepreneurs’ David Grunwald.
“Entrepreneurs from across Africa are building world-class tech companies, and we are delighted to be able to use the power of the Google for Entrepreneurs network to showcase their fantastic products to audiences in some of Europe’s most important tech ecosystems,” said Grunwald.
Eligible startups looking to enter simply need to apply.
