Blacklight Africa report to highlight startups seeking early stage funding
Blacklight Africa report to highlight startups seeking early stage funding

Blacklight Africa report to highlight startups seeking early stage funding

Are you the founder of an Africa-based startup seeking early-stage funding? Blacklight Africa is accepting submissions for the 100 Early Stage African Startups report. Submit your startup now while there's still time!

Good news for African startups seeking early-stage funding! Blacklight Africa recently announced an open call for submissions to its inaugural 100 Early-Stage African Startups Report (the 100ESAS Report).

What’s the 100 Early-Stage African Startups report meant to achieve?

The report aims to help address the funding challenges that early-stage African startups face. These are startups who have not yet experienced the rapid growth necessary to attract later-stage investors. They are in their early stages and are looking to raise pre-seed and seed capital.

“Our goal is to introduce African founders to resources and opportunities that will help grow their businesses and inspire the next wave of entrepreneurial solutions across the continent and the world,” explains Ajani Husbands, Founder and Director of Blacklight Africa.

Why is this report necessary?

The report comes at a time when investments in Africa-based startups are on the rise. However, such funding is hyper-focused on only a few major economies.

“As of 2020, four countries receive approximately 80% of venture-backed funding for African startups. These are Nigeria, Egypt, Kenya, and South Africa. On top of that, it’s incredibly difficult for early-stage startups in Africa to get their names out there and find access to funding opportunities.”

Ajani Husbands, Founder and Director, BlackLight Africa

“If you take Uganda, for example,” said Husbands, “the country is ranked 89th for the strength of its startup ecosystem, even though the Global Entrepreneurship Monitor considers it the most entrepreneurial country in the world. Part of this mismatch is because there’s a lack of equity funding for early-stage startups in the country. We hope this report will help to bridge that gap. We aim to help potential investors find dynamic early-stage startups across the continent, especially outside of the four major economies in Africa.”

Husbands added that he hoped the report would equally help to improve funding prospects for underrepresented founders, particularly African women.

“Since 2019, only five startups led by solo-founder African women have closed venture capital funding rounds. If we can bring more African-women founders to light with this report, we can help to reverse this trend.”

Ajani Husbands, discussing the 100ESAS Report

Who should submit their startups?

The #100ESAS Report is open to submissions from Africa based startups seeking early-stage funding. To qualify for consideration, a startup should have a founding team of at least 50% African nationals. It is not necessary for a company to have monthly recurring revenue in order to submit their details. However, the ideal company should have a minimum viable product. Find out more about requirements for submission.

About Blacklight Africa

Headquartered in Gaborone, Botswana, Blacklight Africa is a U.S. 501(c)(3) nonprofit organization dedicated to promoting entrepreneurship across Africa. They seek to highlight founders who ground their startups in innovative approaches and community-inspired solutions, especially in under-represented economies.

Find them online:

Twitter: @blacklightafriq
LinkedIn: Blacklight Africa

Nefertiti Media is a proud partner to Blacklight Africa.