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
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