Revolutionizing Tech Investment in Tanzania

Groundbreaking Initiative by Tanzania Angel Investors Programme  to Train 50 Angel Investors and Boost Startup Growth

Dar es Salaam, Tanzania – November 20, 2023 – Serengeti Business Angels Network (SBAN), Ennovate Ventures, and UNCDF Tanzania today announced the launch of a training programme dubbed: Tanzania Business Angel Investors Accelerator (TAA), geared towards revolutionizing tech investment in Tanzania. The groundbreaking initiative will train 50 tech startup enthusiasts in Tanzania  to become angel investors, equipping them with knowledge, mentorship, and hands-on support to kickstart their angel investing journey.

The program is part of SBAN’s larger initiative to groom 1000 active angel investors in Tanzania and the diaspora by 2026, to unlock local capital to scale Tanzanian startups.

“Tanzania has a vibrant startup ecosystem, but access to capital remains a major challenge,” said Rodrique Msechu, Co-founder and Network Manager of SBAN. “The Tanzania Business Angels Accelerator Programme will help to address this gap by training and supporting new angel investors. We are confident that the programme will play a vital role in boosting the growth of Tanzania’s startup ecosystem.”

The program will cover a wide range of topics, including:

• Identifying and evaluating investment opportunities
• Due diligence and deal structuring
• Mentoring and supporting startups
• Risk management and exit strategies
• Hands-on support in closing their first angel investment deal

Participants will also receive mentorship from experienced angel investors from Tanzania and across Africa and gain opportunities for networking  with other entrepreneurs and investors. 

The first cohort of the Tanzania Business Angels Accelerator Programme will launch in November 2023. Applications are now open and can be found on the Tanzania Business Angels Accelerator Website.

“We are excited to partner with Serengeti Business Angels Network and UNCDF Tanzania to launch the Tanzania Business Angels Accelerator Programme,” said Francis Omorojie, CEO of Ennovate Ventures. “This program is a critical step in building a strong and supportive angel investor community in Tanzania. We are confident that the program will help to unlock the potential of Tanzania’s startup ecosystem.”

“In response to a growing interest in angel investment in Tanzania, the establishment of a national resource center  is essential to empower local angel investors and foster digital economy growth, according to Edgar Chrisostome Masatu, Innovations Analyst at UNCDF. The project’s broader objective is to create a connected community of angel investors in Tanzania, providing mentorship, knowledge, and capital to early-stage startups, particularly in fintech, to stimulate entrepreneurship, job creation, and innovative solutions for underserved populations in the Tanzanian startup ecosystem.”

TAA is one of the key initiatives under the wider D4T-TIDE project, implemented by UNCDF with funding from the European Union. “The European Union is committed to fostering collaboration with all relevant stakeholders across Tanzania, the project endeavors to strengthen the digital economy and promote the widespread adoption of e-services and to support the startup ecosystem” As noted by Jose-Luis Gonzalez, Funding Partner-Programme Manager, European Union Delegation in Tanzania “Our ultimate objective is to generate employment opportunities and access to finance prospects for women and youth through digital solutions.”

About D4T

The Digital for Tanzania project, generously funded by the European Union and implemented in collaboration with various stakeholders in the country, addresses several critical challenges. These challenges include incomplete coverage and significant digital disparities related to location, gender, and education. Moreover, there is a lack of legislation concerning data protection and emerging technologies. The project’s main objectives are as follows: 

• Advancing Digital Government: Enhancing the digital economy and promoting the use of e-services to improve governance and public services. 
• Promoting Inclusive Connectivity: Boosting equitable access to digital services in rural and peri-urban areas, with a particular focus on improving access to essential social services. 

Supporting Digital Trade: Fostering the growth of fintech and innovation in the region, which in turn can create job opportunities, especially for women and youth.

About D4T-TIDE

As part of the D4T project, the Tanzania Inclusive Digital Economies unit of UNCDF Tanzania is actively implementing interventions focused on two key pillars:

• Innovation: The first pillar aims to enhance the quality of support provided to startups and create a pipeline of investment-ready firms with digitally enabled inclusive business models. This will be accomplished by catalyzing financing for fintech, e-commerce, and innovators to drive digitalization, growth, and scalability. Additionally, efforts are directed towards building the capacity of innovation hubs and relevant anchor institutions, facilitating knowledge sharing, improving market insights, and fostering partnerships in the innovation sector. There is also a focus on advocating for a regulatory environment that better enables innovation and growth.
• Infrastructure: The second pillar seeks to make digital payment and Digital Financial Services more accessible and affordable to underserved population segments. This is achieved by supporting the digitalization of Micro Finance Institutions (MFIs) and SACCOs, building private sector capacity for data management and analytics, facilitating partnerships (along with integration support) between fintechs and corporations, and ensuring the last-mile distribution of inclusive products and services.

About Serengeti Business Angels Network

Serengeti Business Angels Network (SBAN) is an investment platform that promotes angel investing in Tanzania and beyond. SBAN provides angel investors with access to deal flow, educational resources, and networking opportunities.

About Ennovate Ventures

Ennovate Ventures is a venture building focused micro fund  that invests in early-stage startups in Tanzania and East Africa. Ennovate Ventures provides startups with access to capital, mentorship, and support services to scale their innovative startups across the continent. 

About UNCDF

UNCDF builds partnerships with other UN organizations, as well as private and public sector actors, to achieve greater impact in development; specifically, by unlocking additional resources and strengthening financing mechanisms and systems contributing to transformation pathways, focusing on such development themes as green economy, digitalization, urbanization, inclusive economies, gender equality and women’s economic empowerment. For more information about Tanzania Business Angels Accelerator, reach out to us through [email protected]