The Future Of Work Accelerator Awarded A Grant Of $20k To Terawork And Three Other African Startups
The Future of Work Accelerator awarded a grant of $20k to Terawork and three other African startups
Four African startups have been selected to receive a total of US$20,000 in funding as part of the Future of Work Africa accelerator, which just finished its second round. Terawork from Nigeria, Mosabi from Sierra Leone, Irawo from the Benin Republic, and CoffeeChat from Mauritius are among the startups that have been selected as winners.
It was decided to select startups that are working on developing solutions that will assist young people in finding jobs, building careers, and preparing for their futures at work. The funding is intended to aid them in the development of their solutions by expediting their development.
They were selected from a pool of 23 startups that participated in the Village Capital accelerator program, and they will now receive funding from the International Finance Corporation.
Village Capital launched its investment initiative in 2009, and since then, it has assisted over 1,000 early-stage entrepreneurs through its investment readiness program, as well as investing in over 110 program graduates through its VilCap Investments fund, which is managed by the Village Capital Foundation.
The Future of Work Africa, Village Capital's most recent program, is a startup accelerator aimed at addressing the continent's high unemployment rates, which was launched in January. It was launched in collaboration with the International Finance Corporation (IFC), a member of the World Bank Group, and the Moody's Foundation.
Meet the four African startups
The four African startups are descibe below
Terawork (Nigeria)
A bad experience with a gig worker prompted Femi Taiwo to found Terawork in 2017. Femi was inspired to start Terawork after an unpleasant experience with a gig worker. African talent can earn money through freelancing on a global scale through the startup, which operates as a one-stop freelance marketplace for African talent.
In addition to Ghana and Sierra Leone, the startup also serves South Africa, Kenya, the United States of America, the United Kingdom of Great Britain, Canada, and New Zealand.
Over a thousand individuals, agencies, and small and medium-sized businesses are currently offering and engaging in freelance services on the platform, according to the company. Terawork accepts offers in 15 different currencies, allowing clients to make more diverse offers. According to the type and volume of work performed, it charges talents a commission ranging from 7 to 13 percent. In comparison to the industry standard of 15% commission, this is less than half of the average.
Irawo (Benin Republic)
It is a digital community founded in 2015 by Mylène Flicka, a young Beninese woman, who is also the founder. To assist young Africans in realizing their full potential and capitalizing on their unique abilities, the startup provides them with the tools, resources, and guidance they require.
After starting with stories about African talents and creatives to inspire young people to dream, the company has grown to have over 30,000 users and more than 300 articles published.
In most cases, Irawo discovers talent through social media and referrals, and he tells their stories for nothing.
Specifically, the startup is focusing on francophone African countries such as Benin, Cameroon, and Togo because regional talent is not as well-known as talent found elsewhere on the continent as a result of the language barrier, according to the startup.
CoffeeChat (Mauritius)
Founded in 2019, CoffeeChat is an online coaching-as-a-service platform and mobile application that allows users to connect with other people. The startup increases the accessibility of executive coaching in the African context by enabling businesses to provide one-on-one executive coaching to their managers across the continent.
Over 250 coaches and experts from 17 African countries are employed by the company at the present time, and it is continuing to grow.
It was founded by Akua Nyame-Mensah and Chris Suzdak, who live in Mauritius. The company has its headquarters in Mauritius, but it initially focuses on the African countries of South Africa, Kenya, and Nigeria. Moreover, they are the continent's most important and dynamic markets.
Mosabi (Sierra Leone)
Mosabi, which was founded in 2016, uses mobile technology to provide customers with an e-learning platform that is focused on business. When it comes to operations, the company works to bridge the gap between financial technology and education technology by providing embedded, gamified upskilling for Africa's financial products and platforms.
Sierra Leone is the country in which the company is based, according to its website. It currently has more than 20,000 users in six countries, and it has recently expanded into Ghana, Senegal, Kenya, Liberia, and Paraguay, among other countries in Africa.
Mosabi is entirely self-funded, with the exception of a few angel investors, World Bank, UNCDF, and FSD Africa grant funding, and prize money from various contests. Mosabi receives no outside funding. The startup is currently planning its next steps in terms of growth.