The AlphaCode Incubate programme has put out a call for early-stage fintech startups to apply to be part of its 2022 cohort. Applications for the annual programme are now open until 31 October and the programme returns in 2022 after AlphaCode ran this year’s programme entirely remotely due to the COVID-19 pandemic.
Head of Incubation at AlphaCode, Amina Patterson, said in a statement: “Despite the psychological, financial and health challenges we faced during the pandemic, there has been incredible camaraderie and traction achieved among the selected startups.”
AlphaCode revealed several metrics regarding the ten businesses that participated in the 2021 programme. Since participating, the businesses have achieved an average monthly recurring revenue of R60 000 and created more than 45 jobs.
“These results have validated our startup selection and incubation methodology that we refined over the past few years and we hope to improve on these results with the new group in 2022,” Patterson added, and to date, the programme has distributed R33.5 million in funding to 41 black-owned financial services.
AlphaCode Incubate 2022 programme details
Following the application process, the programme will commence on 17 January 2022. At the start of the programme, AlphaCode will select eight businesses to participate in a 12-week pre-incubation programme.
Each business will receive R150 000 in grant funding. The pre-incubation programme will focus on how to achieve a viable business model. It will culminate in a demo day where the participants will compete to be chosen for the six-month step-up programme.
AlphaCode will select four businesses to participate in the step-up programme which will focus on establishing product-market fit and financial viability. The four businesses will each receive an additional R500 000 in grant funding.
Additionally, they can apply during and after the programme for seed capital from AlphaCode’s new seed fund.
You can check out an introductory video about the AlphaCode Incubate programme below:
Startups interested in applying for the programme can register on the AlphaCode website.
