Awakening Africa Magazine


10 Funding Options to Raise Startup Capital for Business in Africa

2 Mins read

Launching your business can be a real struggle, especially if you don’t have enough funds to bring your dream to reality. Do you want to start a business in Africa but are looking for funds as a startup capital? Do you have no idea about the available resources and have no one to ask for help?

To create ease for your fundraising, we have gathered below 10 different options which you can choose from for a business startup in Africa.

1.     SeedStars World

One of the largest funding organizations for entrepreneurs based in Africa, SeedStars World has been offering grants for business startups for the past 53 years. To be eligible for the fund, you will have to apply for the competition, out of which promising business ideas for Africa will be selected.

2.     Tony Elumelu Foundation Entrepreneurship Program

For business startups in Africa, The Tony Elumelu Foundation Entrepreneurship Program provides 10,000 aspiring entrepreneurs funding. Along with funding, the organization also offers mentoring and training for the success of upcoming African entrepreneurs.

3.     Lundin Foundation

The Lundin Foundation was founded by a Swedish family back in 2005 to offer grants and funding to businesses interested in a business in Africa. Along with financial support, it also offers business mentorship to those in need.

4.     Root Capital

A non-profit fund founded in 1991, Root Capital is an investment fund organization that offers startup funds to businesses in Africa. The main purpose of this fund is to improve living standards in African countries and promote development with business profits.

5.     The Anzisha Prize

Specially created for young entrepreneurs between the ages of 15 and 22, The Anzisha Prize provides funds to businesses, inventions, and social projects. It has the aim of training and mentoring young entrepreneurs to make them the leaders of tomorrow.

6.     MEST Africa Challenge

Are you a driven upcoming young entrepreneur looking for startup funds in Africa? The MEST Africa Challenge offers funds by arranging competitions all over Africa. The reason behind this challenge is to promote growth in the business industry and support emerging businesses in Africa.

7.     YALI Regional Leadership

Known as The Young African Leadership Initiative, YALI is a program introduced to help future African entrepreneurs. Besides providing grants to people between 18 to 35, it also gives business training like communication, creativity, and ideas.

8.     African Entrepreneurship Award

Offered by BMCE Bank of Africa, this award funding goes to business startups in Africa which fall into sports entrepreneurship. If you are a business in the sports sector, then the funding is around $1 million.

9.     Innovation Prize for Africa

Aimed for African Entrepreneurs, The Innovation Prize provides you with funding if you have a creative idea or solution for Africa. It supports businesses that help solve the problems African people are facing.

10. Schwab Foundation

Founded in Geneva, this foundation provides funding all over Africa to businesses based in education, health, and technology. The purpose of this fund is to promote different sectors in Africa and increase the standards of living.

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