Deep Dive Africa returns for a second year bringing new ecosystem players. The Impact Hub and Growth Africa Foundation-powered initiative connects early-stage investors to African startups and is funded by Make-IT in Africa project implemented by GmbH for the Federal Ministry for Economic Cooperation and Development (BMZ).
For this year’s edition, Deep Dive Africa focuses on Accra, Kigali, Lagos, and Nairobi. Investors will benefit from a tour of the ecosystem across those cities. There will be a final 3-day event from 23 to 25 February 2022 where investors and startups connect.
Deep Dive Africa encourages investment from Europe while preparing African ventures for foreign capital. The program’s first edition, held in 2019 brought nine investors across Europe for a startup ecosystem tour of Ghana and Nigeria – targeting 25 startups. A 6-month post-program analysis of the initiative showed that the Nigeria and Ghana startups raised pre-seed investments worth 500,000 euros.Selected ventures receive a month of coaching, workshops, and pitch training as they prepare to pitch and network with international investors. Startups in Ghana, Kenya, Rwanda, and Nigeria are working to raise $100,000 in pre-seed and seed funding. The focus is on startups with validated market demand and post-product market fit. The startup must have proven market traction and recurring revenue, and an ability to build and execute a digital presence.
In the press release, Robert Tagoe, Deep Dive Africa Project Manager pointed out that Deep Dive Africa II looks to “unlock capital” and “further de-risk the investor-startup engagement in the region.” Matthias Rehfeld at Make-IT in Africa pointed out that “Africa is more and more about opportunities, prospects, and trends.”