Africa Sectors of tech startups in the innovations ecosystem creating investor interest
News Article — August 19, 2022

Deep Dive Africa II– More than 500k USD raised

Deep Dive Africa (DDA) focuses on driving global investor interest and preparing startups for receiving capital. Following a successful pilot in 2019 we set out to support the Impact Hub Network and Growth Africa with the implementation of DDA II in 2021, this time with a more expansive set of activities to achieve greater impact!

As the startups continue to complete their funding rounds beyond the closing of the prgramme this March. A preliminary calculation shows that already, more than USD$500,000 of investments have been raised. Engaged investors in the DDA II programme, invest an average of USD$25,000 – USD$50,000 USD per startup.

In addition to the staggering amount of investment raised, the DDA II Impact Report showed that the startups reported an increased number of skills, higher levels of confidence in their pitching abilities as well as improved visibility and credibility for their business. Participants were able to use the program to increase their access to important stakeholders in the innovation ecosystem, including fellow peers, impact hub networks, potential partners and of course to funders and investors.

The program was deployed in Ghana, Rwanda, Nigeria and Kenya with Impact Hub Accra, Kigali, Lagos and GrowthAfrica as respective execution partners who provided hands-on support to help proper preparations for startups to receive funding from angel investors or venture capitalists.

After scouting, recruiting and an intense selection process, 37 budding tech startups made up the DDA II cohort. This included 12 Ghanaian, 10 Nigerian, 8 Kenyan and 7 Rwandese startups. Proudly, 66% of the participating startups had a female founding or management team member.

The startups selected for the DDA II cohort worked on topics across a broad range of sectors and accumulatively, their work addressed 16 of the Standard Development Goals.

Africa Sectors of tech startups in the innovations ecosystem2

The first phase of the programme worked on accelerating startups towards deal flows and investments. Here, the startups worked closely with due diligence experts, seasoned startup coaches and investor-relations managers to develop detailed investment memos. The activities in this phase focused particularly on aiding with the financial modelling, financial reporting, as well as legal and regulatory checks. In addition, startups underwent comprehensive pitch deck reviews and dynamic pitch training workshops.

African startups increase interest in investment with deep dive africa



The Deep Dive Africa Fireside Series was a series of informal and candid virtual conversations between the participants and key actors in the African startup scene. The goal of the series was to increase investor interest in early-stage startups across key markets. The event series had 187 attendees and took place across all participating countries, with Ghana hosting a hybrid event to launch the conversations.

The DDA II Virtual Investment Event and Deal Room Event was the culmination of the program. It brought together; all 37 investment-ready startups, local and international investors and other interested ecosystem players. It showcased the diversity of African entrepreneurial ecosystems with a focus on the four participating countries, and enhanced the connection between the startup ecosystem players in the regions.

Organizations working with african startups for innovation
Related posts
  • Shutterstock 1961087689
    How might we ensure that digital startups and local companies in Africa benefit from the green hydrogen boom?
    Green hydrogen may or may not be the next big thing, but we believe it has the potential to be a game changer. Our partner Endeva will explore this in its “ii2030 Green Hydrogen in Africa edition”.
    Blog Article — January 27, 2023 — Anna Vambe
  • DSC 3526
    AfriLabs Annual Gathering 2022: The ecosystem future is female
    We met with over 300 pan-African innovation enablers at the AfriLabs Annual Gathering. Our goal: highlighting female leadership. Read about Aneth and Sue's experience in Lusaka.
    Blog Article — December 19, 2022 — Aneth Batamuliza
  • Col 1
    Conversations to spur sustainable and seamless mobility in Africa
    Innocent Orikiiriza, Founder and CEO of KaCyper Technologies – an e-mobility tech startup from Uganda – looks back on our delegation trip to the Smart City Expo World Congress in Barcelona.
    Blog Article — December 19, 2022 — Innocent Orikiiriza
  • Fintech Accel 2 1
    Next Generation of Ghana FinTech Innovation celebrated during the Ghana Digital Innovation Week 2022
    Startups from our NextGen FinTech Accelerator programme pitched at the Ghana Digital Innovation Week in November 2022.
    News Article — December 14, 2022 — Doreen Aglago-Cofie
  • MW Up2
    MalawiUP! Startup Connect Week | Make-IT in Africa Project launch by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
    The “MalawiUP! Startup Connect Week” takes place from the 13th-16th December 2022 in Lilongwe. It endeavors to bring together local and national innovation enablers and digital visionaries in Malawi.
    Press Article — December 13, 2022

Subscribe to our newsletter and stay up to date.

You may unsubscribe at any time using the link in our newsletter.