Deal Street

African Startup Funding Tracker

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249Startups Launches Sudan’s First USD 500 K Equity Fund Rhino Investments
249Startups Launches Sudan’s First USD 500 K Equity Fund Rhino Investments

Sudan-based innovation hub 249Startups has launched an equity fund “Rhino Investments” to boost the Sudanese entrepreneurial ecosystem. 249Startups has allocated USD 500 K in capital to fund up to 14 Sudanese Seed-stage startups/SMEs, as well as an acceleration program to be launched in the first quarter of  2022, helping startups scale and grow through workshops, monitoring, and networking opportunities.

249Startups is a mission-driven innovation hub based in Khartoum aiming to revitalize entrepreneurship in Sudan’s economy. The Impact Acceleration program’s first cohort will be launched in the first quarter of  2022 with the goal of bridging the funding gap in pre-seed and seed-stage businesses. Moreover, the program aims to invest in seven post-MVP stage ventures with ticket sizes of up to USD 30 K per venture each year in exchange for minor equity, and provide support with capital, talent acquisition, distribution, private sector linkages, customized services, and board nominations.