Twenty-four innovators chosen to join the first group of Antler's startup program
Antler, a global investment network, has announced that applications are now open for its second Nigerian and Kenyan cohort. The program, which is focused on building startups from scratch, is designed for founders who have lived experience of the problems they aim to solve.
Competitive Application Process
The selection process for the Antler accelerator program is highly competitive. The inaugural Nigerian cohort had over 7,500 applicants, with only 24 founders selected, representing a less than 1% acceptance rate. Antler targets disciplined, resilient, and execution-driven founders, especially those with domain expertise in sectors like fintech, AI, food security, and edtech.
Early-Stage Investment and Follow-On Funding
Antler invests $100,000 for a 10% equity stake in selected startups from both cohorts. This investment is made at "day zero," meaning before minimum viable product (MVP), brand, or traction. The accelerator also offers follow-on funding potential up to Series C for promising ventures.
The program emphasizes founder–problem fit over polished products, focusing on building companies with founders who truly understand the problems they address.
Lagos-Based and Focused on Scalable Industries
The accelerator is Lagos-based for Nigeria and, for Kenya, will presumably be in Nairobi, aligning with both countries’ growing startup ecosystems. The focus sectors include fintech, artificial intelligence (AI), food security, edtech, and potentially other scalable, high-impact industries. The program aims to build startups that can scale across Africa and expand into global markets.
Strong Founding Teams and Global Network
The program pairs unmatched founders with co-founders by the fourth week, ensuring strong founding teams by the program’s end. Antler leverages its global network to provide access to capital, experienced mentors, and cross-border partnerships.
Strategic Capital Stack
The broader effort of Antler is to help founders think strategically about their capital stack, particularly in ecosystems where traditional banking remains cautious and early-stage equity is rare.
In summary, Antler’s approach for its second Nigerian and Kenyan cohorts blends rigorous founder selection, hands-on company building, early-stage investment before market traction, and a focus on sectors crucial to African growth and innovation. The program stresses deep local knowledge of problems by founders and prepares companies to scale regionally and globally.
[1] Antler's official website [2] TechCabal [3] TechCrunch [4] BusinessDay Nigeria
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