Home Business Facebook Accelerator Startups in Nigeria raised $500,000 in committed investments, grants

Facebook Accelerator Startups in Nigeria raised $500,000 in committed investments, grants

by Business News Report

Startups participating in the second season of the Facebook Accelerator Programme have recorded significant achievements, including raising over $500,000 in committed investments and grants in just three months (halfway through the programme). Within the same period, they have also made significant product pivots, sealed key partnerships and made progress towards creating unique products with world-class business processes. These results were recently revealed by Facebook and CcHUB, following its 2019 programmes and training which took place to support and empower students and entrepreneurs, to build locally relevant solutions using advanced technologies at NG_Hub, Facebook’s flagship Community Hub space in partnership with CcHUB.

So far in the programme, the startups have been introduced to multiple venture capitalists and corporate executives and also matched with advisors within the CcHUB Global Advisory network. These advisors include c-suite executives and experts from companies like Dell, Oracle, IHS Towers, Stanbic IBTC, Cellulant, Old Mutual, Axa Mansard, among others. Six of the startups contributed to the $500,000 total raised so far, with highlights including: Chekkit the only African company to be accepted into a global accelerator, cementing a key partnership for their organisation. They also sealed a partnership with the Fantom foundation for their blockchain product and received a grant from Umdasch Challenge at World Summit Awards 2020. 

Haulr also emerged second place in the recently concluded Zenith Bank’s hackathon securing N6 million while Simbi interactives sealed key partnerships and have so far received $35,000+ in investments and grants. A Student team, Vinsighte has completed its prototype that reads books to the visually impaired using computer vision just as AirSynq, completed its balloon satellite prototype and has enterprise clients on the waiting list for its product launch in February Gradely on its part launched the beta version of its product, and received its first set of customers, whilst increasing the number of schools they are present in by 200 per cent These startups and many more will be showcasing their products and solutions, aimed at tackling problems across multiple sectors, to corporate executives, multinationals and other potential partners during the annual Facebook Accelerator Programme Innovation Showcase week in February 2020. 

Speaking on the development, Adaora Ikenze, Head of Public Policy for Anglophone West Africa at Facebook said: “The numbers speak for themselves, and further reinforces that the work and investments we are undertaking here in Nigeria are having real impact. At Facebook, we are passionate about helping developers and entrepreneurs to grow. We believe in empowering small businesses through our platforms to help more people launch and grow their businesses, which translates to real impact for their communities and local economies.” Also speaking, Bosun Tijani, Chief Executive Officer, CcHUB said: “This is yet another extremely brilliant cohort of startups from the Facebook acceleration programme which we are deeply proud of. This goes to further highlight the readiness of innovators across Africa to leapfrog development on the continent with technological innovation. We are delighted to be part of this journey with Facebook in its desire to inspire African entrepreneurs to be among the best in the world.” With three months remaining, the cohort of season two of the Facebook AcceleratorProgramme will be undertaking workshop sessions, faculty one-on-ones, growth planning, Industry Advisor Sessions and mock pitches, rounded off with a demo day in April, the end of the programme.

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