Startups in West Africa have a new fund to pitch to. Timbu, a Mauritian travel site says it has plans to invest $25k in 20 travel startups in each West African country, starting with Ghana, Liberia, Gambia and Cote d’Ivoire. The travel agency, focused on African destinations, is currently a market leader in Nigeria and other West African countries and now aims to grow its presence in East Africa by bringing in foreign direct investment.
“We intend to reinvest any profit realised from our initial investment to create physical and online spaces that will help tech entrepreneurs collaborate and grow”, Timbu’s country media representative West African region said.
Here Is All You Need To Know
- The Timbu funding will be exclusive to innovative startups solving real issues in the hospitality niche, with most of the focus being on startups around the curated travel (one of the fastest-growing segments of the travel industry). However, there are plans to expand into other niches down the line.
- Making the announcement, the company’s media representative said the need to begin investing in early-stage startups in Ghana was borne out of the need to grow the existing tech ecosystem in the country, in support of the government’s plan to improve the tech entrepreneurial space, and provide entrepreneurs with the necessary resources to grow the country’s startup scene.
- Timbu recently began a selection process in certain Eastern African countries to determine eligible startups that will enjoy a seed funding from the company to help kick start their business. The travel agency is bringing in FDI to Ghana in response to the government’s ongoing plan to “help small businesses to move to the next level and expand to employ more workers. Stagnant businesses cannot create jobs, but with support, they can scale up their businesses,” as stated by the country’s Minister of Business Development. Timbu projects that the growth of local businesses will accelerate and the government will be able to build a solid structure around the development to facilitate further growth.
- As Timbu moves to initiate talks with relevant government officials to make this happen, it is their hope that a profitable agreement would be reached soon, in order for startups in Ghana to begin enjoying direct government support.
- Timbu stated early last year that plans to provide mentorship and coaching to startups first in some East African countries, including Kenya and Rwanda, and provide an enabling environment for entrepreneurs in these countries to share their experiences are in the pipeline. The plan was finally set in motion early this year with positive responses from promising startups in the region.
- Timbu has thus proceeded to West Africa where the ecosystem is deemed ripe enough with budding startups in need of funding. The Timbu Funding is projected to encourage other angel investors to also put more money into West African startups, thus accelerating the growth of local businesses.
Interested startups are required to submit a document containing the following information:
- Company name
Company URL, if any
Name and email of the founder(s)
Role of each founder
What your company is making and the problem it aims to solve in your country
Who your competitors are and what gives your company edge over them
How your company intends to make money
All applications should be submitted to funding@timbu.com with the subject line as “{Country} Startup Funding Application” (e.g. Ghana Startup Funding Application). - Please note that the fund is an angel fund and Timbu will seek equity shares in the businesses that are accepted into the program.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com