Tony Elumelu Foundation Empowers 24,000 African Entrepreneurs with $100M+ in Seed Funding
The Tony Elumelu Foundation has now disbursed over US$100 million in seed funding to more than 24,000 African entrepreneurs. Since its launch in December 2014, the programme has supported young business owners with training, mentorship and non-refundable capital. This year's cohort alone attracted over 265,000 applications from across the continent. The initiative began with a US$100 million commitment to empower African entrepreneurs. In March 2015, the first 1,000 participants were selected, each receiving US$5,000 in seed capital. Over time, the programme expanded its reach through partnerships.
A further 1,049 entrepreneurs joined in collaboration with the European Commission, OACPS, BMZ and GIZ. Eight other partners also backed 100 entrepreneurs each. This year, Heirs Holdings Group supported 1,751 participants, bringing the 2023 cohort to 3,200 selected entrepreneurs. Beyond funding, the foundation has provided business training to over 2.5 million young Africans through TEFConnect. The long-term goal remains to create 10,000 sustainable businesses across Africa.
The programme continues to grow, with each entrepreneur receiving US$5,000 in seed capital. Applications for the 2023 cohort exceeded 265,000, showing strong demand across all 54 African countries. To date, more than 24,000 entrepreneurs have benefited from the foundation's funding and training.
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