Today, Young African Catalysts has exciting news to share as it announces its acceptance into Techstars Toronto and unveils a fresh identity under the new name “CatalyzU.” Alongside 23 other startups from Canada and emerging markets, CatalyzU will be part of this cohort.
CatalyzU was founded by Karl Nchite (CEO) and Luke Mostert (Chief Strategy Officer), both of whom have a background in investing. The primary mission of CatalyzU is to tackle the challenge of training and placing talented African individuals into startups worldwide.
While other startups like Andela have concentrated on technical talent, CatalyzU sets its sights on non-technical roles, such as sales, marketing, business development, and customer service. By participating in Techstars, CatalyzU gains valuable access to the accelerator’s portfolio companies and partners, which will be instrumental in achieving their goals.
According to Luke Mostert, the decision to rebrand aligns perfectly with CatalyzU’s core mission of educating and providing job placements. Previously serving as the Head of Investments at Future Africa, Mostert will now lead CatalyzU’s efforts in strategy, funding, partnerships, and marketing.
“Karl and I have fantastic networks across Africa, including the Young African Catalysts ecosystem, which includes fellows from the leading 65 African VC Funds. However, we don’t have similarly broad networks in the US, and given the nascent nature of edtech and jobtech specific funding on the African continent, we want to tap into those specialised US funds. As the world’s largest pre-seed investor, Techstars has access to these networks and is willing to help us access them to unlock growth capital and networks that come with it,”
Additionally, the startup has received angel investments from Paul Breloff, Founder of Accion Venture Labs & Shortlist Professionals; Toyosi Abolarin, Founder of Nigerian Web3 gaming platform, Awujo; and Robert Cole, Head of Investments at Tencent Europe.
The startup intends to commence fundraising efforts for the second tranche of its pre-seed round after the end of the Techstars programme in October 2023.
Nchite has been representing the startup in Toronto since July and cites Techstars’ reach and influence on the African continent as a major motivation for joining the accelerator.
“The experience has been amazing so far, we’ve been fully immersed in it, constantly surrounded by industry leaders trying to help us with core elements of our startup’s development. We’re thrilled about this experience as well as the invaluable relationships and partnerships that have already begun stemming,” he said.
In the face of slowing venture capital funding, Techstars has remained one of the most active investors globally and has invested in over 60 African startups since 2021.
“The Techstars Toronto fund has now made 40 investments directly into African startups, making us one of the most active global direct investors on the continent in the entire world. What we immediately saw in CatalyzU was the platform they are building to support the rise of entrepreneurs themselves, it’s a foundation. We share their view that African entrepreneurs are young, talented, and unstoppable and we want CatalyzU to support our African portfolio, as a start,” Sunil Sharma, Managing Director of Techstars Toronto said of the startup’s mission.
