Leading venture capital firm 500 Global has partnered with the United Nations Development Programme (UNDP) to roll out a three-part entrepreneurship program in Nairobi, aimed at strengthening support for startups across Africa.
The initiative, which marks a significant step in expanding the continent’s innovation infrastructure, will be based in Kenya’s capital and cater to entrepreneurs at different stages of growth, according to Tech in Africa.
The first part of the program, the Pre-Acceleration Academy, is an intensive in-person course running from October 6 to 12 for founders in the earliest stages of building their businesses.
Next is the Sustainable Innovation Seed Accelerator, targeting entrepreneurs who are developing socially responsible and environmentally conscious solutions and are ready for seed funding.
The third element is 500 Global’s Bootcamp for Accelerator Managers, which will train startup ecosystem leaders and incubators under UNDP’s timbuktoo initiative to drive innovation across the continent.
Mareme Dieng, Partner at 500 Global, said the collaboration offers an opportunity to deepen engagement with African entrepreneurs while helping them navigate the complexities of global markets.
Ahunna Eziakonwa, Assistant UN Secretary General and Director of UNDP’s Regional Bureau for Africa, described the initiative as an investment in innovators shaping Africa’s sustainable future, aimed at creating a strong entrepreneurial ecosystem that supports inclusive growth and aligns with the UN’s Sustainable Development Goals.
500 Global has been active in Africa since 2011, backing more than 100 African startups, including well-known names like Chipper Cash, Smile Identity, Stitch, Money Fellows, and Asaak.
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Beyond investments, the firm has partnered with organizations such as Egypt’s Information Technology Industry Development Agency (ITIDA) and Germany’s GIZ to run training programs for accelerator managers, benefiting over 150 founders in Egypt since 2022.
The firm manages $2.1 billion in assets globally and has invested in more than 3,000 companies in over 80 countries, including more than 35 valued above $1 billion and over 150 worth more than $100 million.
Applications are now open for all three programs, with details available through the Pre-Acceleration Academy and Sustainable Innovation Accelerator pages.
This collaboration is part of UNDP’s timbuktoo initiative, launched in January 2024 and first presented at the World Economic Forum in Davos.
Timbuktoo aims to mobilize $1 billion to transform 100 million livelihoods and create 10 million jobs, making it the world’s largest initiative to support innovation in Africa.
Named after the historic city of Timbuktu in Mali, the initiative operates through a network of UniPods and Thematic Hubs across the continent, with focuses such as HealthTech and GreenTech.
The partnership with 500 Global aligns with timbuktoo’s goal of working alongside African governments, investors, corporates, and universities to close the gap in early-stage risk capital, especially from domestic sources.
It combines catalytic and commercial funding to reduce risks and attract large-scale investment for startups.
Recent developments include the launch of the HealthTech Hub in Rwanda, focusing on AI-driven diagnostics, locally made medical devices, and biotechnology designed for African needs.
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Image Credit: Tech in Africa
