XL Africa is a great opportunity to attract investments, says Quantum Global Group Founder Jean Claude Bastos de Morais
“XL Africa is a great opportunity to attract investments with the introduction of economy-boosting tech”, says Jean Claude Bastos de Morais, the founder of Quantum Global Group, an Angola-based investment management firm. XL Africa is an accelerator program for startups, backed by the World Bank. It will help selected companies secure an early stage capital of about $1.5 million.
As of now, the drive has ended, and 20 startups have been shortlisted from more than 900 organizations coming from all corners of Africa to the residency program that was held at Cape Town, South Africa.
Apart from the capital, the candidates will receive mentoring from experienced and well-established entrepreneurs and investors. A global repository of data and useful information will be at disposal of the selected entrants. This includes international case studies, journals, and analysis reports on various topics. Perhaps, the highlight of XL Africa’s endowment is branding. The selected startups will be made more visible on the media and the African entrepreneurial network.
Stable #investment platforms in #Africa can act as a gateway for more institutionalised investments that support sustainable African #economic #growth. Read my thoughts on this here https://t.co/vJ3U0IFqot pic.twitter.com/e0AKe8Q4MT
— Jean-Claude Bastos (@JClaudeBastos) May 11, 2018
The selection process boasted an expert panel of industry hotshots, such as Koltai & Co, Venture Capital for Africa (VC4A), Knife Capital, Singularity Investments, etc. Danai Musandu, an investment associate at Goodwell Investment said, “We encountered very strong companies, particularly in the transportation, HR, and data analytics sectors.”
He added, “We also observed signals of a nascent pipeline of digital companies beyond the traditional hot spots of Nigeria, Kenya, and South Africa.”
— Jean-Claude Bastos (@JClaudeBastos) May 10, 2018
Such programs are the need of the hour as Africa is speedily embracing the entrepreneurial culture. In turn, it is contributing immensely to the African economy. Once a land rife with violence and unemployment, Botswana has now attracted a total FDI worth $13.6 billion. Similarly, Nigeria is growing strong with an annual increase of 2.5% in its GDP.
Jean Claude Bastos De Morais wants to thank the African youngsters for this turnaround. Their creative drive and commercially boosting initiatives have made this possible.
The roster of the 20 selected companies includes Sendy, a Kenyan logistics company that solves the postal system problem. With their $2 million capital, they make deliveries simple, transparent, and easy to track. There is also a Nigerian e-learning platform called PrepClass seeking the $1.5 million capital. PrepClass connects students to locally-trained teachers for one-on-one or group classes. Some of the other companies in XL Africa’s portfolio are Rasello, Jamii, LYNK, Timbuktu, Sokowatch, Talentbase, Aerobotics, etc.
Jean Claude Bastos de Morais hopes that more programs like XL Africa are conducted in the continent that invite and motivate technological and economic advancements introduced by youngsters. Africa is growing financially at an impressive rate and that should be kept growth should be kept stable.