Innovate Ventures, a leading Somali accelerator and startup fund targeting startups aims to partner with Telesom, VC4A, and Oxfam. This is part of their project dubbed Work in Progress! that aims to promote innovation across the country. Thus far the fund has welcomed over 50 startups through its umbrella and offered to fund to the tune of US$100,000.
Applications for the latest edition will run till June 30. Shortlisted startups will gain access to mentorship and training by experts in that domain. The expertise will include visibility, a business network, and the opportunity to secure investment.
Based in Hargeisa, the accelerator will span across 12 weeks. It will provide access to leading banks and telecoms throughout the Somali region (both Somaliland and Somalia). The end of the accelerator will be marked by a day of demonstration where the top picks will walk away with US$30,000 in equity funding. The money donated will be courtesy of the Innovate Ventures Fund.