Startups in Africa looking for pre-seed funding have a new opportunity from DFS Lab, an accelerator that invests in early-stage digital commerce companies serving African markets, with its portfolio including mostly fintech, e-commerce, and logistics startups. DFS Lab’s accelerator offers funding of up to US$50,000 and additional support to companies building the future of digital commerce in Africa.
Here Is What You Need To Know
- Although DFS Lab invests in Africa broadly, it is however focused on geographies where the addressable markets are large enough for high-growth companies to succeed.
- The accelerator is looking for companies with at least a compelling minimal viable product and considerable user feedback.
- It invests a $25K check into a post-money YC SAFE with a standard valuation cap. The accelerator also takes a small portion of equity in the form of advisory shares directly as DFS Lab in order to fund its cohort support programs.
- In some instances, the accelerator offers exceptions to its standard terms for opportunities that have advanced traction.
- Apart from investments, the accelerator also helps startups to build a solid foundation, including a set of shareable materials designed to help validate each startup’s team’s vision.
- The programme culminates in a virtual demo day, with DFS Lab introducing teams to its own network of investors. The programme is entirely remote, and is aimed at startups with at least a minimal viable product and considerable user feedback.
- The accelerator tends to invest in companies with at least two co-founders with complementary skills.
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How Startups May Apply
Applications are currently open for its next cohort.
“Applications are still open for @TheDFSLab’s next cohort for founders building the future of digital commerce in Africa! They’re currently reviewing applications so don’t wait long — apply now,” DFS Lab noted.
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