The Pangea accelerator has shortlisted 11 African startups who will be considered for funding of up to US$50,000 each.
Pangea had selected 40 companies to take part in its inaugural accelerator, and has now selected 11 of them to receive funding, dependent on their investment readiness and progress by late May.
They will be matched with investors from the Norway-based Investor Training Programme as mentors, and also benefit from intensive capacity-building.
Pangea chief executive officer (CEO) Jonas Tesfu congratulated all the participating companies, saying the local business environment was attractive for investors.
“I have no doubt that investors will find good opportunities for investment based on the quality of businesses represented on the Pangea programme,” he said.
The 11 startups selected include nine from Kenya, including cloud business management tool Tozzaplus, biomass briquette manufacturer Acacia Innovation, online marketplace Onesha, and learning platform Yusudi.
The other Kenyan startups chosen are marketing tool Biasharabot, cold chain solution Lakeview Fisheries, pre-booked shuttle company Sure Corporation, insurtech startup SaveKubwa and emergency response app Usalama.
Pangea said it plans to launch a crowd investment platform in June, allowing accelerated startups further access to funding.