Rwanda is to host the headquarters of the United Nations Development Programme’s (UNDP) new innovation financing facility, Timbuktoo, as part of the organization’s efforts to spark Africa’s startup revolution, an official statement obtained on Thursday said.
Over 1,000 startups are targeted from across the continent.
According to UNDP, Timbuktu is expected to address the gap in early stage risk capital, while aiming to grow global-class startups and unlock the ‘One Africa market’.
Timbuktu’s parent fund, UNDP said, would finance a venture builder in each of the eight hubs and invest minority capital to de-risk private capital in a subsidiary fund in each hub.
“Each hub and its fund will specialize in an industry vertical, from fintech to creatives, logistics, agritech, etc, to become the pan-African innovation center for that sector,” the statement added.
As it stands, the parent fund is mobilizing funds from various unicorns to be able to finance eight pan-African Hubs in different cities across the continent.
Timbuktoo comes at a time when the world is emerging from a global pandemic, with strong emphasis on innovation as a path to resilience and recovery.
CU/GIK/APA