DEMO Africa has created a new company. Acting as an investment arm, DEMO Ventures the company will invest USD 1 million into 3,000 early stage African countries.
According to their website, DEMO has been promoting and commercializing new products for nearly three decades. A global audience experiences and watches young innovators showcase their products for a chance to win a partnership.
While talking to Disrupt Africa, DEMO Africa founder Harry Hare confirms that the team is talking with private equity firms, pension funds, development finance institutions and high net worth individuals about increasing the fund.
The annual event will take place in Casablanca this year. Previously, the competition was held in Lagos, Johannesburg, and Nairobi.
On the agenda for the event aside from empowering Africa’s innovators, Hare says their priority is to promote DEMO Ventures.
“Our proprietary deal flow of more than 3,000 early-stage enterprises will form the bulk of our portfolio pipeline,” says Hare, “DEMO Africa has helped these startups raise over US$60 million through networks, introductions, and a robust support process, and it is through this track record that we are now formalising the process.”
Chief executive officer (CEO) Tania Ngima is leading the new fund. She has over 15 years of experience in leadership, reporting, organizing systems, governing corporate and SME restructuring in the manufacturing, renewable energy, technology, infrastructure, real estate, telecom and financial services industries.
“I am excited to take this opportunity and work with the team to achieve lasting impact in the trifecta between technology, finance, and diversity,” she says.
From the latest event, twelve Ivory Coast startups were presents and three were selected as winners. WeFlyAgri designed an agricultural solution that gives farmers the tools to monitor their farms using a drone. An e-learning site and applications called EtuDesk makes learning convenient and accessible. Lastly, Maurice Communication Marketing won for designing a wearable carry on where people can store their personal and medical records.
The main event begins on October 18, where the three starts up will pitch their ideas against other regional winners.
Featured Image via Flickr.
