African startups invited to apply for $10k funding from Aptive Capital

African startups invited to apply for $10k funding from Aptive Capital

US investor Aptive Capital which looks to support entrepreneurs and innovators that have a focus on social impact is looking to invest $10 000 each in five startups that come out tops in a virtual pitching contest.

The investor was, launched earlier this year in response to the funding gap that has come about because of the COVID-19 pandemic.

Applications close on 10 June.

To qualify startups must be based in either Nigeria, Ghana, Kenya, South Africa, Egypt, and Ethiopia and have a minimum viable product (MVP) or be a revenue-generating startup or business in need of funding.

Furthermore, applicants should be ready to scale and have a team with at least two founders

Applicants must make a 30 to a 60-second video introducing their company, the problem it is aiming to solve, and the solution it provides as well as the social impact it has on the community.

On a rolling basis from 1 June, 25 startups and businesses will be invited to take part in one-on-one Zoom pitches.

From this initial number, 10 applicants will be selected to take part in the final pitch which will take place between June 15 and 19 (the exact date must still be announced). Five winners will then each receive a $10 000 equity investment.