11 best places to raise funding for your startup

Capital is basically money that you need to pay for your business expenses in order to hit a certain milestone. That is why startups raise funding

This milestone could be

  • Constructing a manufacturing plant
  • Getting to x number of users on an app
  • Scaling the business to a bigger market 
  • Acquiring other businesses
  • Breaking even.

There are several ways to get funding. You can choose to:

1. Bootstrap your business

It involves using your savings to start and run your business.

2. Crowd fund for capital

This is using platforms such as ,kickstarter.com ,to pitch your business and in turn people invest money for you to start your business.

You can choose to give a piece of the company(shares) to the people who invest or you can choose to have your investors get the first versions of your product.

3. Get a loan

This is where you get money from a financial institution like a bank and pay back the amount you got from the bank and some interest.

4. Raise funding from family and friends

It involves getting your family who have known you for a long time and know your potential to give you money.

5. Raise funding from an angel investor

By definition, angel investors are accredited individuals with a net worth exceeding $1 million or annual income of more than $200,000.

If you would like a list of angel investors, please leave a comment below.

6. Raise funding from a VC firm

In this article we will highlight places that you can access capital .

They fall under 2 categories,

  • angel investors
  • venture capital firms.

Here are the 9 places where you can raise capital for your business.

Meltwater Entrepreneurial School of Technology(MEST)

The Meltwater Entrepreneurial School of Technology is a 12-month entrepreneurial program that offers training to the most talented and encouraging software entrepreneurs in Africa. It is a fully-funded training program that is administered by fellows from around the world with experience in tech, communications, and business. The entrepreneurs will undertake in the program in Accra, Ghana, which is the school’s headquarter.

Time : 1 year program

Amount invested: 80,000 USD

How much equity do they take: 20% – 30% 

Where to apply: https://meltwater.org/

raise funding

Tony Elumelu Foundation Entrepreneurship Program

The TEF Entrepreneurship Program has set out a 10-year commitment and set aside $100 million to pinpoint, train, mentor and finance 10,000 entrepreneurs that can transform Africa through business ideas. It is headquartered in Nigeria.

Time : 1 year program

Amount invested: 5000 USD

How much equity do they take: 0%

Where to apply: https://www.tonyelumelufoundation.org


Funds early stage businesses with a potential of becoming billion dollar companies.  

They are based in Nigeria.They work closely with the businesses, giving them funding, professional and advisory services. This is to help get your business to a point where it can raise more funding

Time : No program

Amount invested: 25,000 USD

How much equity do they take: 7%

Where to apply: https://www.microtraction.com/

Founders Factory

This is an accelerator that looks for founders with a product in market and early traction(users,revenue). They have locations in London, Johannesburg, New York and Paris. 

 Time : 6 months program

Amount invested: 30,000-100,000 USD

How much equity do they take: 4%-7%

Where to apply: https://foundersfactory.com/accelerator

The HWEB Fund

The H-Web Fund invests in quality early-stage startups across Africa; while The H-Web Foundation supports entrepreneurs and cooperates with other ecosystem stakeholders. They are based  in Luxembourg, Belgium and South Africa and are working with associates in developing a presence throughout Africa.

Time : No program

Amount invested: 350000 – 1,000,000 USD

How much equity do they take: 1%-40%

Where to apply: https://sites.google.com/thehweb.com/home/home


This is a 6 month program that helps you find cofounders, validate your idea and provide funding for those businesses.

According to their website “The Antler program is divided into two phases. The first phase is dedicated to finding a co-founder, validating ideas and starting to build your business. At the end of this phase, the teams present to our Investment Committee and those that received the investment continue to the next phase. The second phase is an acceleration track where you will use Antler funding to get enough traction to raise your seed round”

Time : 6 months program 

Amount invested:100,000 USD

How much equity do they take: Negotiable

Where to apply: https://www.antler.co


Gives entrepreneurs seed investment to run their business and in return they give equity. Kepple Africa Ventures has offices in Nairobi and Lagos. They have invested in over 60 companies spread across 9 countries.

Time : Can fund within 2 weeks 

Amount invested: 50,000 – 150,000 USD

How much equity do they take: Negotiable

Where to apply: https://kepple-africa-ventures.com/home_eng#team_eng

Seedstars World

They support  entrepreneurs by providing funding , mentoring, visibility, expertise, appropriate network and offices. All their programs are virtual making them accessible to anyone anywhere in the world.

Time : competition takes around 1 year

Amount invested: 500,000 USD

How much equity do they take: Negotiable

Where to apply: https://www.seedstarsworld.com/

The Baobab Network.

Invests in technology companies in Africa. They require that you have some early traction to increase the likelihood to raise capital to your company.

Time : 1 – 6 months

Amount invested: 25,000 USD

How much equity do they take: 10%

Where to apply: https://thebaobabnetwork.com/

Y Combinator

This is an incubator program that provides seed capital for your business. They are based in San Francisco. Here you can get capital even with just an idea.

Time : 3 months

Amount invested: 125,000 USD

How much equity do they take: 7%

Where to apply: https://www.ycombinator.com

Google for startups Accelerator.

This is a three-month virtual accelerator program for high potential Seed to Series A tech startups based in Africa.

Time: 3 months

Amount invested: Equity-free support. Access to Google engineers, resources, and mentors, during and after the program

Where to apply: https://startup.google.com/accelerator/africa/


When we look at the above options for raising capital, you will realize that they don’t need a business plan. All that is needed is a pitch deck that explains about your company and the problem that you are solving.

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