Start-up accelerator Pangea has received 403 applications to its accelerator program. A whopping 220 applications were from Kenya with 107 coming from Nigeria.
27% of the applications were from the Agricultural sector, 15% were from Fintech, while health, clean tech & renewable energy and education were 10% of the applications.
Applications to the Pangea accelerator were open to African startups at either the pre-revenue stage or already generating a revenue. In addition, the startups were required to show that capability to create jobs in their respective communities.
40 startups will be eventually be selected to undergo a three-month accelerator program and will be coached international and national investors and experts. It will conclude with a demo day in April, where 5 startups will receive funding of up to US$50,000 each.
Pangea apparently plans to launch a crowd investment platform for start-ups, that have gone through their program, in June 2018.
Pangea’s accelerator program was launched this year with am aim of connecting African startups with international investment & expertise. It is working with Strathmore University’s @iLabAfrica accelerator to link up Kenyan start-ups from across the industry with investors especially the African diaspora which currently remits approximately $160 billion annually.