Earlier in the year, the GSMA Ecosystem Accelerator announced the recipients of its inaugural Innovation Fund grant. Nine selected startups across Africa and Asia were awarded a grant of £250,000 (which is equivalent to $322,000) to help scale their operations. Nigeria’s PrepClass was one of the startups selected.
The GSMA’s Ecosystem Accelerator has now moved on to call for applications for the second round of grants. This round will focus on startups operating in the areas of the sharing economy, and services for Micro, Small and Medium Enterprises (MSMEs).
Grants provided by GSMA Ecosystem Accelerator are often within the range of £100,000 to £250,000. To be eligible, startups must be able to match 50% of these funds requested with third-party funding, assets, or sweat-equity.
“The response we got for our first round was great, and we’re starting to work with our first nine grantees, which is very exciting. Now with the second round opening for applications, we hope to welcome more innovative startups to our portfolio, in particular from regions like West Africa and Asia-Pacific where we got a bit less traction for round one,” said Max Cuvellier, head of the GSMA Ecosystem Accelerator.
The GSMA Ecosystem Accelerator Innovation Fund is aimed at providing technical assistance to business in emerging markets such as Africa and Asia, in order to help scale their products and services into sustainable businesses with positive socio-economic impact.
Applications have been open since the 1st of June and will be closing on the 16th of July. So hurry up to register.
Nigerian startups raised $377m in 2019, more than twice what they did in 2018. Find out more when you download the full report.