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Applications are open this week for Chapter54, a new acceleration program for European tech scale-ups looking to expand into African markets. Implemented by Partech Shaker, the innovation programs arm of Partech, with funding from German development bank KfW, the program will provide financial and operational assistance to selected companies across Europe to strengthen their footprint in Africa.
Europe is the leading investor in Africa, with foreign direct investment reaching $275 billion. Enabling new investment and business linkages, especially in the technology sector, opens up significant and mutually beneficial market opportunities. Chapter54 companies will join a dynamic and growing tech scene. Investment in African tech companies has seen a significant uptick, with fintech alone accounting for more than 60% of funding in 2021, according to market research. In the first nine months of 2021 alone, fintechs secured investments totaling $1.5 billion, more than they received in the previous decade, which saw inflows of $1 billion. .
This rising investment is part of a larger trend of growing deals, which are increasing in both number and ticket size. Africa has seen the emergence of seven tech unicorns, with five fintechs – Fawry, OPay, Wave, Flutterwave and Interswitch – joined by e-commerce platform Jumia and engineering talent platform Andela, both also major players on the continent in their respective fields.
Large-scale investment and industry growth creates a positive feedback loop, attracting more venture capital, developing technology pathways for commerce, and opening the market for other technology innovations to a growing consumer base. informed and financially included.
To enable new entrants to take advantage of these opportunities, Chapter54 has selected a network of business support providers with strong local expertise and knowledge. Asoko Insight, Africa’s leading provider of business data, analytics and engagement, is proud to be the program’s data partner, offering bespoke market research including comprehensive supply chain mapping. sourcing in specific markets and business sectors, to support market entry.
Rob Withagen, co-founder and CEO of Asoko, said of the partnership: “Over the past eight years, Asoko has built a solid reputation as a leading provider of business data and market analysis, serving a clientele of multilateral, multinational and international investors. We are pleased to extend our services to European tech scale-ups entering African markets through our participation in Chapter54.”
“To enter the African market, you must adapt the way you hire, pay, sell, embark. We’ve curated an extensive network of mentors and speakers, as well as soft landing solutions to do it the right way. Asoko will help the next generation of African tech leaders succeed. Together with Asoko and the other partners (data provider Africa Panel, legal platform Afriwise, digital recruitment platform Talent2Africa, freelance marketplace Gebeya and workflow automation platform FieldPro), we have built the perfect tools that a scale-up may need to start its activity in Africa.commented Vincent Previ, Managing Director of Chapter54.