Pan-African investment company, Unicorn Group, has pledged a $300 million fund targeted at startups providing solutions to Africas’s major problems. The group will focus on innovative ideas, startups and early-stage companies in the technology-enabled sectors across Africa.
As a leading firm, Unicorn provides education, training, mentorship, infrastructure, and long-term capital to entrepreneurs to build sustainable and competitive companies that will contribute to the economic growth of Africa.
The company wants to continue with that drive and invest $300 million in African entrepreneurs over the next 10 years.
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. This will, in turn, unlock the entrepreneurial potential of Africa’s youth and in summary create jobs of the future while ushering the continent into the fourth revolution.Kola Abiola, Chairman, Unicorn Group.
This was revealed in Lagos at the group’s TechMoney and innovation summit which brought together tech talents, startups, leaders, academia and entrepreneurs to discuss the latest innovative and disruptive technologies.
But it’s not clear how the investment will be disbursed. However, Unicorn runs programs – Idea Lab, Hub, Incubator, Accelerator, Growth and Scale – which means this fund will most likely be given to startups/entrepreneurs that pass through these.
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.Ambassador Adeyemi Dipeolu
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!