5 Angel Investor And VC Networks Investing In African Startups
According to data compiled by Disrupt Africa, African tech startups received a total amount of funding in excess of US$185.7 million in 2015. In light of recent events and how African tech industry has come under the spotlight, that number is only going to increase. The question is, are you getting your fair share?
In a previous article, we discussed 5 important places to find angel investors for your startup funding which includes angel investor networks. In this article, I will go a step further and show you 5 angel investor networks willing to invest in African startups. If you have not developed your profitable startup idea, these 7 tips will help you get started. If you have, getting funded could be just a click away. But first…
What do angel investors look for in a startup?
Pule Taukobong is the founder of African Angels Network (AAN). Since inception, the network has invested in over 18 startups across 8 African countries. In an interview with Techpoint, he revealed some of the factors he considers while selecting startup beneficiaries. Hear him…
First of all when it comes to big potential it’s the market size you are addressing. I want to understand, what is the challenge or problem you’re solving? If you look at Uber for example, they were solving a big problem, which was how do you efficiently leverage off a need for transportation that is on demand. As an investor you’ve got to seriously understand the market that the entrepreneur or business is trying to solve.
The second thing, which is equally, if not more, important is the people behind the business – the team. By “the team”, I not only mean the Co-Founders or the developers. I also mean their mentors, their advisers, who have walked down their journey. That’s absolutely key for me.
I also ask, what is the actual product that they’ve designed or created to solve the problem? Obviously, I go much more in depth of each – the market, product and the team. Sometimes it’s also traction, sometimes it’s not. The other thing I always add is gut feel. I always trust my guts. Sometimes I come across a situation where all the boxes are ticked but then my gut feel tells me something is not sitting well, or maybe I can see a bigger competitor coming into space.
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