Techstars Toronto, a top accelerator, announced its 2023 summer cohort, which includes ten African firms.
In this issue, the accelerator celebrates its 100th direct investment and vital role in promoting Canada’s and emerging economies’ digital ecosystems.
CatalyzU (South Africa), MPOST (Kenya), Seso (Ghana), Ladder (Ghana), Payfi (Nigeria), Cutstruct (Nigeria), Chimoney (Nigeria), Reeple.ai (Nigeria), Oval (Nigeria), and Hulugram (Ethiopia) are the African startups that address complex global issues.
This pick highlights Techstars’ dedication to African innovation and entrepreneurship and acknowledges the region’s rising tech talent.
Techstars Toronto Managing Director Sunil Sharma said the programme promotes innovation and entrepreneurship. With a 1-2% approval rate and many candidates, Techstars Toronto is altering the Canadian and worldwide tech environment.
This 100th Toronto fund investment shows our commitment to innovation in Canada and emerging markets. We have lifetime partnerships with these founders and skin in the game, Sharma said.
Since 2017, Techstars Toronto has invested in 100 startups worldwide, 40% African. In 2019, the Toronto-based accelerator made its first African investment in Korapay, a Nigerian payments infrastructure startup. It supported Quidax and Fliqpay, a cross-border payment infrastructure startup, the following year.
Read also: Techstars accelerator scheme accepts PipeOps, Nigerian web startup
Techstars Toronto 2023 summer cohort statistics
Techstars affects outside Canada. Techstars Toronto attracts global tech entrepreneurs and keeps top Canadian tech talent with its robust international network and locally administered accelerator programmes.
The 2023 cohort of 24 businesses, themed “The Global Diaspora,” addresses many global issues. These firms cover global payment systems, immigrant credit scoring, international student sourcing, rental housing affordability, cross-border real estate, AI ethics, healthcare solutions, cyber risk assessment, and last-mile drone delivery.
Besides money and mentorship, Techstars Toronto gives these startups two Demo Days on October 4th and 5th to demonstrate their innovations. These events introduce startups to investors and partners, boosting growth.
Startup portfolios
Payfi (Nigeria): Facilitating Access to Affordable Housing for International Students.
Chimoney (Nigeria): A fintech business that enables customers to send money globally by Email, Phone, or Twitter and cash out via Banks, Mobile Wallets, Crypto, Gift Cards, and more.
Reeple.ai (Nigeria): Helping African immigrants in the Diaspora access seamless financial services.
Cutstruct (Nigeria): A construction material marketplace that improves efficiency and transparency.
Oval (Nigeria): Finance OS for growing businesses.
Hulugram (Ethiopia): Chat-based social engagement for over 30 million internet users.
Ladder (Ghana): AI-powered wealth management for individuals and businesses offering personalised financial advising and accountancy services.
Seso (Ghana): Seso Global brings confidence and transparency to the African real estate sector with superior technology and industry knowledge.
MPOST (Kenya): MPost provides virtual addresses for KYC, insurance, banking, and eCommerce in poor countries utilizing mobile phones, creating a digital infrastructure for easy access and exchange.
CatalyzU (South Africa): selects trains, and places top African talent at global startups.
Techstars has over 40 accelerators worldwide, including Lagos’ new one. Apart from the Cape Town-based Techstars Barclays Accelerator, more African startups are admitted into Techstars Toronto and New York, according to the startup database.
BD Funding Tracker and Techstars Directory report that Techstars accelerators, including Toronto, have financed 76 African businesses.
