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CiTi announced yesterday that it had signed the agreement with CPGR, together with the head of SingularityU Cape Town chapter Michael Fichardt and entrepreneur and venture builder Nick Walker.
CiTi senior ecosystem manager Claire Jowell said in an email yesterday to Ventureburn that the incubator will be launched at the end of this year, but said no date has been set yet. Jowell said the incubator is looking to take in eight to 10 biotech startups, every six months.
OneBio is expected to launch at the end of this year and take on eight to 10 biotech startups every six months
The incubator is expected to provide life science startups with funding, business support, lab facilities and office space. Startups will also gain access to networks, mentorship, international markets and large corporate partners, both in Africa and internationally.
Jowell said the incubator will offer both incubation and acceleration, depending on the needs of participants.
“We are fundraising at the moment, looking to be a mix of local and international funding,” she said, adding that her organisation and the CPGR are talking to both government agencies and private investors.
In a press release yesterday, OneBio CEO and co-founder Michael Fichardt said biology as a technology is at a similar inflection point as the software industry was in the mid-1980s.
“Biological tools and techniques continue to improve at exponential rates and investors are beginning to understanding the incredible potential of the tech. OneBio will provide a platform for African biotech entrepreneurs to be part of this next global wave of innovation,” he said.
OneBio is calling on potential partners and biotech startups to contact the incubator on email@example.com. Startups can register their interest at www.onebio.africa.
Correction: In the initial version of this article, we incorrectly referred to SingularityU Cape Town as “Singularity University Cape Town”. We regret the error.