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Six African tech startups have emerged from Angola, South Africa, and Zambia in the “Meet the Tôshikas” program, designed to provide Japanese investors with a comprehensive view of African startup ecosystems and prepare promising African startups for investment.
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The initiative is a United Nations Development Programme (UNDP), through its Africa Sustainable Finance Hub (ASFH) and with support from Japan’s Ministry of Economy, Trade, and Industry (METI). The program aims to attract more Japanese venture capitalists (VCs) to Africa. The inaugural edition is focusing on Zambia, Angola, and South Africa.
The term “Tôshika” translates to “Investor” in Japanese. As the name implies, the UNDP Meet the Tôshikas program is designed to foster mutual discovery between Japanese investors and African startup ecosystems.
UNDP developed and implemented this program with the support of Double Feather Partners, selected through a competitive process. The program also collaborates with Japan-based VCs, including Samurai Incubate Africa, TSI Japan, and Verod-Kepple Africa Partners, and local field accelerators like Acelera Angola, Grindstone in South Africa, and BongoHive in Zambia.
The program began with a rigorous selection process, receiving applications from 256 startups. This included desk research, direct interviews, field visits, ecosystem events, and a 3-week Bootcamp, culminating in the selection of 30 top startups (10 from each country). The participating Japanese VCs were actively involved in the selection process, including site visits and direct interactions to enhance business matching opportunities.
Out of the 30 startups that participated in the Bootcamps, six finalists (two from each country) were chosen to undergo a specialized three-month Investment Readiness Support Program (IRSP). Additionally, these top six startups will receive a $20,000 catalytic grant and participate in a one-week investor roadshow in Tokyo, featuring an exclusive pitching opportunity before the Tôshikas.
Tomas Sales, Private Sector Special Advisor at the UNDP Africa Sustainable Finance Hub, stated, “We are extremely honored to provide, through our benefactor METI, a unique opportunity for African startups to meet Japanese investors and for Japanese investors to discover exciting venture opportunities in Africa. This initiative is informed by a deliberate ecosystem development approach that considers both local growth potential and risk awareness through our network of field partners. By combining a mature market like South Africa with emerging markets such as Angola and Zambia, we offer investors a comprehensive view of early-stage opportunities in Africa.”
According to the UNDP, the six include:
Angola
- Anda(mobility): Formalizing the 2-wheeler moto-taxi market in Angola, providing financing, training, and insurance to drivers, better and safer service for its customers.
- Mamboo(e-commerce/delivery): Providing quick and seamless food/FMCG deliveries via its design award-winning platform.
South Africa
- Zoie Health(women health/health benefits): A platform empowering women communities and small businesses to get pro-active about their health.
- Jobox(HR Tech): Helping university graduates get their first gigs, and universities learn more about their graduates.
Zambia
- Bosso(e-commerce/construction): Building a platform to make building houses simpler and cheaper.
- AfriOnline Group(e-commerce/delivery): An integrated platform that allows customers to order from restaurants, supermarkets, and Wholesale.
The UNDP Meet the Tôshikas Investment Readiness Support Program (IRSP) started July 9 to end September 27, while the Japan Roadshow – including the exclusive pitching event in front of the Tôshikas – is scheduled to happen by end of August 2024.
For more information about the UNDP Meet the Tôshikas, its activities, Japan-based VCs and participants, visit https://www.undp.org/africa/meet-toshikas.
