initiative dedicated to advancing gender-lens investing. This partnership allows AfriLabs to integrate gender equity principles into its programs, creating more opportunities for women entrepreneurs to access funding and mentorship. By connecting African startups with a network of investors who are actively seeking to close the gender investment gap, this collaboration is setting a new standard for inclusive financing in Africa. Another major highlight of the year was the evolution of the AfriLabs Connect Deal Room (ACDR), a groundbreaking investment facilitation platform designed to bridge African startups with investors ready to deploy capital. Between June and October 2024, ACDR onboarded four major funders, bringing a combined investment pool of $2.25 billion to the table. These investors—including Renew Capital, International Accelerator, Nexterra Capital, and Churchgate Group—are committed to backing high- growth, impact-driven African startups, with funding ranges from $100K to $50M per deal. Within months of its expansion, ACDR attracted 22 scaleups, with 95% sourced through AfriLabs hubs, ensuring that the startups benefiting from these investments were those with strong foundational support and proven scalability. By facilitating access to capital at various growth stages, ACDR is not just funding businesses—it is building an investment pipeline that will sustain Africa’s entrepreneurial ecosystem for years to come. The year 2024 was also marked by a significant push towards fostering cross-continental collaboration, particularly between Africa and Asia. The partnership between AfriLabs and the Korea Africa Foundation introduced new opportunities for African startups to engage with South Korea’s thriving tech ecosystem. This collaboration focused on developing exchange programs between African and Korean startups, fostering knowledge-sharing, and conducting joint research on entrepreneurship and youth development. By bridging innovation ecosystems across continents, AfriLabs is ensuring that African entrepreneurs gain insights from global best practices while also showcasing the ingenuity of African tech solutions to the world.
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