Travel startups in Southern Africa can start applying to Timbu.com, a Mauritius-based travel company. To that effect, it has announced plans to invest US$25,000 in 20 travel startups in each Southern African country.
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 South Africa by investing in travel start-ups.
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 start-ups around the curated travel (one of the fastest-growing segments of the travel industry).
- However, the company noted that there are plans to expand into other niches down the line.
- According to the company, the fund is an angel fund and Timbu will seek equity shares in the businesses that are accepted into the program.
- The company further said the need to begin investing in early-stage start-ups in South Africa was borne out of the need to grow the existing tech ecosystem in these countries and provide entrepreneurs with the necessary resources to grow these countries’ start-up scene.
- In the last quarter of last year, Timbu rolled out plans to provide employment opportunities for unemployed South African youths.
- Sequel to that move, launched this initiative and projects that it will encourage other angel investors like Timbu to also put more money into Southern African start-ups, thus accelerating the growth of local businesses.
Read also: Timbu Is Looking For 20 West African Travel Startups To Invest In
How To Apply To The Fund
Interested start-ups are required to submit a document containing:
- Company name;
- Company URL, if any;
- Name and email of the founder(s);
- Role of each founder;
- What the startup is making and the problem it aims to solve in its country;
- Who the startup’s competitors are and what gives the startup edge over them;
- How the startup intends to make money.
All applications should be submitted to funding@timbu.com with the subject line as “{Country} Startup Funding Application” (e.g. South Africa Startup Funding Application).
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