10 African Startups Join the 2023 Summer Cohort of Techstars Toronto
10 outstanding African firms are among the 24 companies that make up the remarkable 2023 summer batch of Techstars Toronto, a renowned accelerator program.
This edition is intended to commemorate the accelerator’s 100th direct investment, marking a critical turning point in its history and highlighting the accelerator’s crucial contribution to the advancement of the digital ecosystems in both Canada and emerging economies.
The startups, which are based in several African nations, present a variety of solutions to the global scene, addressing urgent issues and promising business prospects in numerous sectors. These firms are Hulugram (Ethiopia), Payfi (Nigeria), Cutstruct (Nigeria), Chimoney (Nigeria), Reeple.ai (Nigeria), Oval (Nigeria), and CatalyzU (South Africa).
This choice highlights Techstars’ ongoing dedication to supporting entrepreneurship and innovation on the African continent and its acknowledgment of the area’s rising tech potential.
Techstars Toronto’s managing director, Sunil Sharma, emphasized the program’s commitment to fostering entrepreneurship and innovation. Techstars Toronto is playing a crucial role in reshaping the Canadian and international tech environment with an acceptance rate of just 1-2% among a large applicant pool.
“This 100th investment from our Toronto fund showcases our dedication to fostering innovation in Canada, and in emerging markets. Moreover, we are lifetime partners to these founders, with skin in the game,” Sharma affirmed.
Techstars Toronto has invested in 100 startups since its founding in 2017, with 40% of those startups coming from Africa. Through the Nigerian startup Korapay, which specializes in payments infrastructure, the Toronto-based accelerator made its first investment in Africa in 2019. The year after, it invested in cross-border payment startup Fliqpay and cryptocurrency trading platform Quidax.
More Information on the summer 2023 cohort of Techstars Toronto
The influence of Techstars goes beyond Canada’s boundaries. Techstars Toronto attracts innovative tech entrepreneurs from all over the world in addition to retaining top tech talent in Canada thanks to its strong global network and locally run accelerator programs.
With an emphasis on “The Global Diaspora,” the 2023 cohort of 24 entrepreneurs offers solutions to a wide range of urgent global concerns. These firms cover a wide range of industries, including last-mile drone delivery, international student sourcing, affordable rental housing, cross-border real estate, AI ethics, healthcare solutions, and global payment systems and credit scoring for immigrants.
Techstars Toronto offers these startups a forum to present their inventions at two Demo Days set for October 4th and 5th in addition to funding and mentoring. The exposure that these occasions offer to potential partners and investors helps the businesses’ chances of success.
Portfolios of the startups
- Payfi (Nigeria): Helping International Students Access Affordable Housing.
- Chimoney (Nigeria): A fintech startup that allows users to seamlessly send money globally via Emails, Phones, or Twitter, and easily cash out through Banks, Mobile Wallets, Crypto, Gift Cards, and more.
- Reeple.ai (Nigeria): Helping African immigrants in the Diaspora access seamless financial services.
- Cutstruct (Nigeria): A building material marketplace, driving efficiency and transparency in construction.
- Oval (Nigeria): Finance OS for growing businesses.
- Hulugram (Ethiopia): Enabling social engagement for over 30 million internet users in Ethiopia via a chat-based platform.
- Ladder (Ghana): AI-powered wealth management for people and businesses providing personalized financial advisory and accountancy services.
- Seso (Ghana): Leveraging advanced technology and deep industry knowledge, Seso Global introduces trust and transparency to the African Real Estate market.
- MPOST (Kenya): MPost empowers individuals in the developing world with virtual addresses, by using mobile numbers as official addresses for KYC, insurance, banking, and eCommerce, thereby building a digital infrastructure for seamless access and exchange.
- CatalyzU (South Africa): CatalyzU vets, trains, & places Africa’s leading talent at global startups.
Techstars runs over 40 accelerators globally, including the recently launched Lagos-based outpost. Available data on the Techstars startup directory shows that aside from the Techstars Barclays Accelerator (that was held in Cape Town), more African startups are accepted into Techstars Toronto and New York.
Techstars’ accelerators, including its Toronto outpost, have invested in about 76 African companies, according to BD Funding Tracker and Techstars Directory.
