Norway-based Katapult Accelerator has selected three African startups from Kenya, Egypt and Tunisia to join its third cohort of 12 start-ups from around the world. The start-ups from Africa include Kenyan cloud-based core banking system FinAccess, Egyptian low-immersion virtual reality science labs PraxiLabs, and Tunisia’s Think.iT, which helps companies build top-performing engineering teams by investing in North Africa’s future technology leaders.
Managing Partner and co-founder Haakon Brunell mentioned in a statement that the programme provides participants with an environment of opportunities and an ecosystem to enhance their business model and scale. He also explained “our goal for each company is to prepare them for their next investment round, so that they achieve two to three times their original valuation, a track record we aim to keep”.
The three African start-ups are among the 12 selected, impact-focused startups, which aim to solve some of the world’s environmental or societal problems. They were among 1500 candidates from 107 countries. The Katapult Accelerator is the world’s first global for-profit accelerator focusing on impact and exponential technology. It´s a three-month long programme aims to scale businesses and their impact. The Katapult Accelerator Fund will invest up to $150,000 in each start-up for an equity stake.
Kenya’s FinAccessis a cloud-based software for micro finance organisations. It provides a cloud-based core banking system that aims to provide MFIs with an end-to-end process automation that reduces costs. Their software is also easy to configure, improves efficiency and enables MFIs to scale especially for rural populations.
Egypt’s PraxiLabshas developed a product that makes virtual science labs accessible, usable, and affordable for educational institutions and schools. The start-up does not only provide an immersive virtual lab experience, but adds enriched content that provides students more understanding and knowledge.
Tunisia’s Think.iThelps companies build top-performing engineering. The start-up is on a to activate the largest market of untapped talented software engineers, to help companies tap into new talent pools and build high-performing tech teams.This group will be the third batch to participate in the Katapult Accelerator program since its inception in the fall of 2017. Of the 12 startups that participated in the first batch, 10 of them received offers for additional funding.
The programme also provides participants access to its network of global investors and partnerships that could help boost startups into their next phase of development, specific to their growing needs. The program comprises a network of 200 impact investors from around the world with 120 international mentors.
At the end of the program, the startups will have refined their vision, strategy, impact orientation, technology application, growth marketing and business model. A unique element in the Katapult Accelerator is the focus on team ‘body and brain’ improvement, to further enable the startups to build on their greatest asset; their mission-driven team.