Paris-based venture capital firm Partech Shaker has developed an accelerator program dubbed Chapter54 to help European startups enter African markets.
Over the next four years, the accelerator will accept ten technology scaleups each year for the Chapter54 program, which will run up to eight months. The first batch of startups will begin the acceleration phase in April, and applications for the first cohort will open in the coming month.
The German Federal Ministry for Economic Cooperation and Development (KfW Development Bank) will contribute $5.7 million to support Chapter54 on behalf of the KfW Development Bank (BMZ).
By matching mentors with businesses, Chapter54 will also provide webinars with a variety of speakers and examine the operational roadmaps that firms have developed in order to see whether or not what they have envisioned is compatible with what’s actually happening.
Wave, a mobile money service provider based in the United States and Senegal, Tugende, a Ugandan mobility-tech firm, and Trade Depot, a Nigerian and United States-based company that connects consumer goods brands to retailers, are among Partech’s 15 investments in nine African nations.
As a result, Chapter54 is focusing on startups that are in the early stages of growth and have a good deal of momentum across Europe.