TLDR:
- Panache Ventures and Kora have joined forces to empower tech founders in Africa to secure venture capital funding.
- The collaboration aims to address the challenges faced by African tech entrepreneurs in accessing adequate funding.
Panache Ventures, an early-stage venture capital fund, and Kora, a pan-African payment gateway, have formed a strategic partnership to support tech founders in Africa in obtaining venture capital funding. The announcement was made during the Venture Capital 101 event in Lagos, where industry leaders discussed various aspects of the startup journey, including funding strategies and team building.
The General Partner at Panache Ventures, Prashant Matta, highlighted the potential of Africa’s tech ecosystem and emphasized the importance of collaborations to shape the future of innovative startups in the region. The partnership between Panache Ventures and Kora aims to provide mentorship, guidance on funding opportunities, and foster groundbreaking startups that will redefine the technology landscape in Africa.
In 2023, the Nigerian startup scene saw both closures and successes, with some emerging enterprises shutting down while others attracted significant funding. Some startups that closed shops included 54Gene, Pivo, Bundle, Vibra, and Payday, among others, citing various reasons such as operational difficulties and co-founder conflicts. Funding for African startups declined by 54 per cent in 2023, according to Briter Bridges.
Kora, as a pan-African payment gateway, hosted the event to showcase its role in facilitating seamless transactions across the region and supporting tech founders and startups. The CEO of Kora, Dickson Nsofor, emphasized the importance of empowering tech founders and catalyzing Africa’s startup ecosystem through partnerships and mentorship.
The collaboration between Panache Ventures and Kora represents a shared vision to nurture tech innovation and economic growth in Africa while addressing the funding challenges faced by tech entrepreneurs in the region.
