By July 5, 2019

Africa’s Growing Tech Scene Inspires USD 300 Mn Commitment From Unicorn Group

By July 5, 2019

A lot of firms have been making known their intentions to invest in the significantly developing tech space of Africa – Helios Investment Partners (USD1.25 Bn), impact investor Norrsken, Microsoft (USD 100 Mn), and others. Others are doubling their fund sizes to meet the continent’s growing investment needs.

Now, it is the turn of of pan-African investment group known asUnicorn Group, the organizers of the Africa TechMoney, who has revealed that it will earmark USD 300 Mn over the next decade to invest in the African technology ecosystem and solve the continent’s longest-faced challenges. 

At a just-concluded Techmoney conference in Lagos – the first edition – Kola Abiola, Unicorn Group Chairman, revealed the commitment on the back of the fact that digitization offers innovation and finance across the continent. Meanwhile, the summit was organized to support tech talent and startups in securing investments and becoming bankable.

Unicorn Group promises to inspire, enlighten, and connect leaders from government, the private sector, academia, and entrepreneurs on the trendiest innovative and disruptive technologies.

“With a Nigerian youth population of 72 percent, median age of 18.4 and an urban population estimated at 51.9 percent with similar percentages continent-wide, this initiative will provide much-needed hope by creating world-class solutions to African problems,” Abiola noted.

To release the entrepreneurial potential of Africa’s youth, create jobs and usher the continent into the fourth revolution, the launchpad, reported to launch by the end of the year, will cater to the technical needs of young student innovators in the right environment.

According to a statement, the initiative intends for disruptive ideas and innovative solutions to be created across all sectors, with Unicorn Group’s expectations that the space will magnet creative and dynamic thinking. 

“The key thing then is that Nigeria and indeed other African countries must position their economies to take advantage of the huge opportunities that exist in digital technology and to mitigate the challenges that will most certainly arise,” said Ambassador Adeyemi Dipeolu, who represented VP Yemi Osinbajo at the event. 

Featured Image: Fineartamerica

Hi! Here’s a little something for you. In the first edition of The African Podcast by WeeTracker, get access to the formula behind ‘Building a $ 100 Mn company (twice) in Africa’ with the co-founder of Andela & Flutterwave – Iyinoluwa Aboyeji. The exclusive podcast goes live soon, Subscribe here to listen to it.