Ten exciting African startups are among the 24 companies that make up the excellent 2023 summer cohort of Techstars Toronto, a renowned accelerator programme. This edition is meant to commemorate the accelerator’s 100th direct investment, marking a critical turning point in its history and highlighting the accelerator’s crucial contribution to the advancement of the digital ecosystems in both Canada and emerging economies.
The startups, which are based in several African nations, provide a variety of solutions to the global scene, addressing urgent challenges and possibilities in numerous industries. The startups include CatalyzU (South Africa), MPOST (Kenya), Seso (Ghana), Ladder (Ghana), Payfi (Nigeria), Cutstruct (Nigeria), Chimoney (Nigeria), Reeple.ai (Nigeria), Oval (Nigeria), and Hulugram (Ethiopia).
This choice highlights Techstars’ ongoing dedication to supporting entrepreneurship and innovation on the African continent and its acknowledgment of the area’s rising tech potential.
Techstars Toronto’s managing director, Sunil Sharma, emphasised the program’s commitment to fostering entrepreneurship and innovation. Techstars Toronto is playing a crucial role in reshaping the Canadian and international tech environment with an acceptance rate of just 1-2% among a large applicant pool.
Since its founding in 2017, Techstars Toronto has invested in 100 startups worldwide, with 40% of those startups coming from Africa. Through the Nigerian payments infrastructure startup Korapay, the Toronto-based accelerator made its first investment in Africa in 2019. The next year, it supported the cryptocurrency exchange Quidax and the startup for cross-border payment infrastructure Fliqpay.
Beyond Canada’s borders, Techstars has an impact. Techstars Toronto not only keeps top tech talent in Canada but also draws creative tech entrepreneurs from all over the world thanks to its extensive global network and locally run accelerator programmes.
With an emphasis on “The Global Diaspora,” the 2023 cohort of 24 entrepreneurs offers solutions to a wide range of urgent global concerns. These firms cover a wide range of industries, including last-mile drone delivery, international student sourcing, affordable rental housing, cross-border real estate, AI ethics, healthcare solutions, and global payment systems and credit scoring for immigrants.
Techstars Toronto offers these startups a forum to present their inventions at two Demo Days set for October 4th and 5th in addition to funding and mentoring. The exposure that these occasions offer to potential partners and investors helps the businesses’ chances of success.