TechInAfrica – A global early-stage micro venture capital firm, Antler has launched its operations in Kenya and Ethiopia since January 2019 as part of its expansion plan to the East Africa region. In Kenya, the Antler team has set up the program located in Nairobi.
Antler team will seek to fund at least around 40 future founders or a minimum of 16 startups every year in Nairobi. Antler said that the number could be higher depends on the quality of ideas/projects demonstrated in the program. Over the next five years, the global startup accelerator firm is planning to expand its operation to other African countries, including South Africa, Nigeria, and so on.
Antler has two phases when it comes to selecting future founders. Each phase lasts for a month before they are finally selected to join the accelerator. The first phase is sorting out those who meet the criteria of the program. At this phase, all participants will receive a stipend of US$1,500 to fund their basic expenses during the phase.
Those who are selected to the second phase are eligible to receive investment as they have passed a final investment committee. Antler will invest US$100,000 which US$85,000 in the form of cash while the rest comes in the kind to cover the 5-month program. As an exchange, Antler takes around 20% of equity stake in the startup.
Antler claims that their model of the program differs from the existing accelerators in Africa, including MEST Africa and Founders Factory Africa. Antler’s model is building companies from the ground by focusing on ambitious professionals and removing the barriers that could prevent individuals from starting a business.
Besides Africa, Antler has also launched successful programs in other companies in Asia and Europe. In Asia, Antler has held a successful program in Singapore while in Europe Antler has expanded to Stockholm, London, and Amsterdam.