Nigeria’s Co-Creation Hub (CcHub) and Google for Entrepreneurs have launched of PitchDrive, a three-week, five-city European tech hub tour with a specific goal of raising of EUR20 million (US$22 million) for African tech startups.
African entrepreneurs can apply now for PitchDrive, which will take 15 startups to London, Amsterdam, Berlin, Zurich and Paris in August to pitch to investors, explore international opportunities and learn about frontier technology markets.
CcHub and Google for Entrepreneurs said, upon completion of the tour, the inaugural cohort will have pitched to over 300 investors, with the specific goal of raising over EUR20 million in the three-week period.
This is the first tour of its kind to connect African tech companies with European capital, and the PitchDrive team is aiming to open up the sector to investors who want to build their portfolios to include emerging markets.
“PitchDrive will hit the road in August to connect Africa’s tech elite with Europe’s most influential investors. Applicants will be subjected to a rigorous selection process, and those selected will go on to have their business models scrutinised and analysed by some very shrewd and highly experienced investors at a Demo Day on each stop of the tour,” said ‘Bosun Tijani, CcHub founder and chief executive officer (CEO). .
“It will be tough, but ultimately, we hope to help secure a number of breakthrough capital deals for those who embark on this journey with us. This is an incredible opportunity, and applications for just 15 places on the PitchDrive bus, are now welcome.”
PitchDrive will provide all travel, accommodation and visa support, as well mentorship and support from notable tech founders well versed in fundraising, including Iroko founder and CEO Jason Njoku, Saidah Nash Carter of Reuters, Stephen Newton of Illuminate Africa and David Grunwald of Google for Entrepreneurs.
“Entrepreneurs from across Africa are building world-class tech companies, and we are delighted to be able to use the power of the Google for Entrepreneurs network to showcase their fantastic products to audiences in some of Europe’s most important tech ecosystems,” said David Grunwald, head of global partnerships at Google for Entrepreneurs.
Applications are now open for African tech startups who are in a position to fundraise at seed stage and above. Those looking to apply must have been running for at least two years, and be a legal, registered enterprise able to demonstrate a minimum of 12 months revenue-generating operations.