African startups have been invited to apply for the London-based insurance incubator programme managed by global accelerator Startupbootcamp, which will see 10 startups given access to funding, mentorship and networks.
The programme is open to startups in different areas of the insurance industry, including consumer, re-insurance, back-office efficiency and new risk models, and will take place over the course of three months from January next year.
Applications are open until October 31, with selection days on November 26-29. In return for eight per cent equity, the selected startups will receive mentorship from more than 400 entrepreneurs, investors, and partners, access to top markets, free office space, US$17,000 in cash and US$515,000 in partner services, exposure to more than 200 angels and VCs, and an invitation to the Startupbootcamp global alumni network and growth programme.
FastTrack days will be held in 12 countries, where startups will be given five minutes to pitch their insurance-related business idea to a panel of judges who will then interrogate the idea further in a one on one session. Two such days will be held in South Africa, in Cape Town and Johannesburg on October 7-9.
Indeed, Johannesburg Stock Exchange (JSE)-listed firm MMI Holdings has become an early investor partner in the programme.