CASE STUDY
Customer
Industry: Venture Capital
Project: Establishing and managing the new Startup Wise Guys Africa Fund
Company: Startup Wise Guys
Contact person: Cristobal Alonso
Challenges
Startup Wise Guys had some interest of startups from Africa to get funding. They wanted to join the accelerator program and connect to the international community. Startup Wise Guys intended to establish a new regional VC Fund for the Sub-Saharan area in Africa. The brand was little known on the content. It was necessary to activate and connect with the local ecosystem to scout good startups for the deal pipeline. New General Partners needed to take care of the portfolio management and delivery of the acceleration program, as well as raise funds for the new regional fund.
Solution
In December 2021, we founded Startup Wise Guys Africa Fund with 3 General Partners – Cristobal Alonso, Franziska Kolk, and Petra Wolkenstein. Processes and market awareness activities were started, and about 2,500 startups were screened. Limited partners for the fund were sourced and onboarded. Acceleration programs with 17 startups were set up with local mentors and international coaches. Portfolio startups get continuous business development, strategic, and funding support.
Results
- First closing for the Fund was in February 2022. The funding target was reached in 2023. 17 startups have received investment and ran through 3 cohorts of acceleration. In 2022, we were recognized as 1 of the 4 most important accelerators in Africa. We won the award “Global Ecosystem hero of the year” in 2023 for the work done on the continent.
About the collaboration
Cristobal Alonso about the collaboration:
„I have to admit it, last night in Copenhagen I jumped of joy and pride.
Cristobal Alonso, LinkedIn
And not once but twice as our Africa General Partner, friend and colleague Petra Wolkenstein also got recognised as “Global Ecosystem Hero of the year”. I have always stated and envisioned that we wanted Startup Wise Guys to be the best global accelerator, and yesterday Global Startup Awards recognized us as “Best Global Accelerator Program” 2023. This is for all those founders in our portfolio (more than 800) and despite the most difficult year in funding in the last decade, they are fighting to keep their companies alive and go back to growth. This is for our 60 people, employees and General Partners that despite a very difficult year, keep working day and night to support founders. This is the year to keep investing, thanks to all our Limited Partners for their trust and for those considering joining our investor family to make that jump.“
Petra Wolkenstein about the collaboration:
„Establishing the new fund in Africa together with Cristobal and Franziska allows us to make a change in early-stage startups in Africa. We bring the spotlight to their work and push them to the next level with acceleration and the investment support we are giving. But it does not end there as we are heavily involved in our portfolio. We work on follow-on funding and market expansion. I am blessed to work with the team and jointly drive the Startup Wise Guys Africa Fund.“