The lack of access to finance continues to be a significant hurdle for Africa's burgeoning startup ecosystem, hindering the continent's economic development potential. Despite a vibrant and growing entrepreneurial landscape, many promising startups struggle to secure the investments they need to scale up and thrive.

Nigerian tech entrepreneur Iyinoluwa Aboyeji (photo, left), co-founder of Andela and Flutterwave, has joined forces with Mia von Koschitzky-Kimani (photo), another experienced technology player, to launch Accelerate Africa, a new initiative aimed at fueling the growth of startups across the continent. The announcement was made in an exclusive interview with Techcabal.

The project, backed by a $750,000 grant from the United States Agency for International Development (USAID), will provide support to startups in all 54 African countries. The first cohort, consisting of ten pre-seed and early-stage companies from various sectors, will participate in an intensive eight-week program.

Combining elements of business development, technology integration, financing, and community building, the acceleration program will take place in both Lagos and Nairobi. Its goal is to empower African start-ups to scale faster and more sustainably.

At the program's culmination, the participating ventures will have the opportunity to pitch their projects to investors, including angel investors with the capacity to inject up to $500,000 into promising initiatives.

Aboyeji and von Koschitzky-Kimani's vision for Accelerate Africa is ambitious. They hope to unlock the vast potential of Africa's entrepreneurial spirit and support a significant number of promising start-ups, particularly at a time when international accelerator support is waning.

"The big idea is to become the Y Combinator (YC) of Africa," Aboyeji said, referring to the renowned American accelerator. "We are looking for founders with great ideas and massive market opportunities. The impressive ones who would have gotten into YC but can't because YC is closing their doors to Africa, so to speak."

Samira Njoya