Raising funding in Francophone Africa presents unique challenges, often requiring startups to leverage accelerator programs to gain traction with investors. These accelerators not only provide critical capital but also mentorship, exposure, and validation — elements crucial for startups operating in a region that receives a disproportionately small share of Africa’s venture capital.

In May 2019, Serge Boupda, founder of the Cameroonian fintech startup Diool, took to the stage at the Vivatech trade fair in Paris. His pitch sought to raise $1.5 million to scale Diool, which had pivoted from a mobile recharge retailer to a financial services platform for small merchants. Like many startups in Francophone Africa, Boupda faced significant barriers to growth-stage financing. In 2018, startups from the region received just 1% of the $1.16 billion raised by African tech ventures. His appearance at Vivatech was facilitated by L’Afrique Excelle, an accelerator that has become emblematic of how such programs influence startup financing in Francophone Africa.

L’Afrique Excelle, launched in 2018 by the World Bank, aimed to bridge the financing gap for Francophone African startups by preparing them for early-stage investments ranging from $250,000 to $5 million. Modeled on the success of the XL Africa program, the initiative highlighted the untapped entrepreneurial potential of the region.

Out of 450 applications from diverse sectors, only 20 startups were selected based on criteria such as having a robust team, generating 75% of revenue locally, and being in the launch or pre-Series A stage. These startups included:

• Diool (Cameroon): Simplifying financial services for small merchants.
• Eyone (Senegal, Ivory Coast, Mali, Niger): Offering digital health solutions.
• Paps (Senegal): Innovating in technology-driven logistics.
• StarNews Mobile (Cameroon): Helping content creators monetize their work.
• LAfricaMobile (Senegal): Enhancing business-to-customer communication through SaaS platforms.

The program commenced with a week-long residency in Bamako, Mali, where startups participated in technical workshops covering investor readiness, talent management, and legal considerations. This was followed by a high-profile Venture Showcase in Paris during the Afrobytes and VivaTechnology conferences, connecting startups to international investors and partners.

While L’Afrique Excelle was a one-off program, its influence has been far-reaching. Serge Boupda’s Diool, for instance, eventually raised $3.5 million from the Lundin family and other investors, enabling its expansion. Similarly, other participants achieved notable milestones:

• StarNews Mobile secured $3 million in pre-Series A funding, expanding across six African countries.
• Paps raised $4.5 million, attracting investment from Launch Africa Ventures and Janngo.africa.
• LAfricaMobile recently secured $7 million in Series A funding to broaden its cloud communication services.
• Eyone recently secured $1M investment, backed by the Senegalese subsidiary of French telecom giant, Sonatel. 

These success stories demonstrate the pivotal role accelerators play in Francophone Africa, providing startups with the tools to overcome structural challenges such as limited access to venture capital and fragmented markets.

Emerging Models of Support

While L’Afrique Excelle has concluded, other accelerator-backed initiatives continue to shape the financing landscape. For instance, before their recent investments, French investor Investisseurs & Partenaires (I&P) has been backing, through financing and its accelerator arm I&P Accélération Technologies, startups like:

• Socium (Senegal): A job-tech platform for African businesses, which recently raised $5 million from a consortium including Breega and Partech.
• Solarbox (Senegal): A green mobility startup leveraging solar-powered electric vehicles, which recently raised $1 million from Gaia Impact Fund and others.

I&P’s programs combine financial backing with technical assistance, enabling startups to mature and attract further investment.

MStudio, a venture studio based in Abidjan, also stands out as a key player in driving investments in Ivorian startups since its launch in March 2023. The studio has successfully facilitated investments from prominent venture capital firms such as Saviu Ventures and the newly established $50M Ring Capital Fund. Notable startups benefiting from these efforts include Waribei and Tuzzo, among others.

Another exemplary initiative is Morocco’s 212 Founders program, managed by the private equity arm of CDG Invest. This acceleration and investment program supports startups with international potential and ties to Morocco, Africa, and the Middle East. Its impressive portfolio includes companies like Kifal Auto, which was acquired by Nigeria’s Autochek; Invyad; Weego; and Freterium, the latter of which secured $4M in funding from investors such as Y Combinator, Flexport, Swiss Founders Fund, and Outlierz Ventures.

These initiatives underline the importance of tailored support for scaling businesses and fostering sustainable growth in underserved markets.

The Bottom Line 

The success of L’Afrique Excelle, similar accelerators and other programs, especially as it relates to financing, highlights the latent potential of Francophone Africa’s startups and their ecosystems. While accelerators have proven essential in catalyzing growth, more consistent efforts are needed to address systemic barriers. Increased regional collaboration, investor engagement, and tailored funding mechanisms can further unlock opportunities for startups across Francophone Africa, paving the way for a more inclusive and dynamic entrepreneurial landscape.

For now, accelerators remain indispensable kingmakers in the region’s entrepreneurial landscape.