WeChat to invest R50m in African tech startups
WeChat Africa has just unlocked applications for tech entrepreneurs and startups all over Africa to apply for part of a R50million fund that will provide financial support to their businesses and get onboard the WeChat platform “through technical integration and communications tactics across the Nasper’s stable and other channels” according to a statement by head of WeChat Africa, Brett Loubner.
To qualify, startups must have a viable tech product that will potentially give access to other markets on the continent, eventually leading to access to more consumers. WeChat will carry out this competition with Batstones, who are tech strategists, to find the startup ideas.
Applications opened on the 18th of January 2016 and will run till 12th February 2016. The application forms have to be completed in one sitting with a video upload required. Finalists will be notified by the 26th of February after which they will travel to Cape Town at their own cost in March for workshops that will be an added assessment strategy by the WeChat team. Participation in the strategic workshops will not mean automatic approval by WeChat as they will only fund businesses that fit into their platform.
Some of the criteria to be considered are:
- Strong founding team
- Developed and tested MVP (minimal viable product)
- The business idea can grow or show traction
- Can easily be integrated into the WeChat platform e.g wallet integration
- Not a competitor to any of WeChat’s other official accounts
- Be willing to take on equity based funding for expansion
To apply click here.
