The World Bank Group launches XL Africa, An Incubator for Start-Ups
XL Africa will grab headlines this week as the newest big player on the Africa digital start-up Scene. The new program is a World Bank Administered five-month acceleration program that will support 20 promising digital start-ups from Sub-Saharan Africa. XL Africa is an incubator of sorts with a big payday for participants. Each of the 20 participants will receive $250,000 and $1.5 million to advance their product/service.
In addition to the funding, the program includes mentorship from global and local experts, additional access to potential investors, and an all-expense paid two-week residency in Cape Town, South Africa.
Launched by the World Bank Group, it will collaborate with prominent African investment groups including AngelHub Ventures, Goodwell Investments, Knife Capital, Nest Africa, Orange, Thompson Reuters and others.
The program is funded by the Governments of Finland, Norway, and Sweden and administered by the Africa department of The World Bank Group. IMC Worldwide, VC4A, and Koltai & Co. will play a large role in implementing the program.
All companies interested in the program can apply through the XL Africa website www.XL-Africa.com, by June 12, 2017.