Alexandria Procter, founder of the South African student accommodation marketplace DigsConnect, is leading a new initiative to invest R25m ($1.4m) into early-stage startups across the African continent.
The new vehicle, named Pharos of Alexandria Ventures, is now accepting applications for a series of exclusive pitch sessions to be held in Cape Town this November. Procter is running the initiative in partnership with an unspecified group of early-stage investors, suggesting a syndicate-based approach to the funding.
Founders of startups at the pre-seed, seed, or Series A stage will be given 10 minutes to pitch for investment.
“Africa’s founders are some of the most resourceful and driven people in the world,” Procter said in a statement. “They’re building solutions that matter and products that solve real problems in their own communities. We want to back that energy and help connect it to global capital.”
Procter founded DigsConnect four years ago while she was an undergraduate student at the University of Cape Town, giving her recent, first-hand experience as an operator in the South African tech ecosystem.
What’s on the checklist?
The selection criteria will focus on three core elements: talent, timing, and traction.
According to the investment thesis, startups that can demonstrate growing user numbers, a clear focus on their customers, and strong user feedback will have an advantage. However, the vehicle will also consider pre-revenue ventures that have strong founding teams and a compelling business concept.
The evaluation will also assess a startup’s adaptability to shifting market conditions, technological changes, and policy dynamics. Priority will be given to companies building solutions for African or other frontier markets that show potential for continental, rather than necessarily global, scalability.
“Not every great African company needs to go global,” Procter noted. “There’s enormous value in businesses that scale across emerging markets and deliver real social impact.”
Investors will also be looking for operational discipline. Startups with clean capitalization tables, clear intellectual property ownership, and evidence of capital-efficient operations will be viewed more favourably.
The fine print
Investment ticket sizes will range from R1m (approx. $56,000) to R10m (approx. $560,000), contingent on the startup’s stage and demonstrated traction.
The fund has specified its priority sectors, which include:
- Fintech
- Software as a Service (SaaS)
- Climate and energy innovation
- Mobility
- Digital infrastructure
For this funding round, the initiative will not be prioritising ventures in the healthtech or agtech sectors.
Founders can submit applications through the Pharos of Alexandria Ventures website until the deadline of October 17, 2025. Shortlisted companies will receive an invitation to pitch in person in Cape Town in November.