With the help of venture capitalists, Microsoft intends to provide $500 million in potential funding to African startups in order to help them grow quickly.
Over the next five years, the Africa Transformation Office will launch a series of new initiatives aimed at helping 10,000 African companies achieve their full potential. With the opening of the Microsoft Startup Founder’s Hub in Africa and new collaborations with accelerators and incubators, access to markets, technical expertise, and financial resources are all being made available to businesses in the continent of Africa.
When it comes to promoting local innovation, Microsoft sees the African startup sector as a strong foundation for the continent’s digital economy.
Managing Director, Microsoft Africa Transformation Office Wael Elkabbany says his goal is to see an “explosion of local ingenuity” in Africa. As he adds, “It will have a good impact on Africa’s digital economy, but also on the global community.”
With the opening of the Africa Change Office, Microsoft intends to facilitate digital transformation led by Africans for Africans. For this purpose, it will collaborate with both public and private entities.
Banque Misr, Global Venture Capital, and Get Funded Africa are some of the company’s significant venture capital investors. With a five-year plan to expand this network of venture capitalists.
Thereby, startups will be able to scale up and create economic growth, as a result of this.
In order to gain access to the $500 million in funding, Microsoft plans to form industry alliances and collaborations with venture capital investors.
Global and regional networks with an interest in one or more African regions are the target audience.
The funds will come from a group of venture capital investors who will give some of their money to businesses in the Microsoft network.