Côte d’Ivoire names 32 tech companies, but $16.6 million funding target remains
Côte d’Ivoire has selected 32 technology companies for its Ivoire Tech Next 15 and Ivoire Tech Scale Up programmes. The selection brings the government closer to its plan to support local technology businesses, although the funding needed for the programme still has to be raised.
Côte d’Ivoire
Côte d’Ivoire has selected 32 technology companies for its Ivoire Tech Next 15 and Ivoire Tech Scale Up programmes. The selection brings the government closer to its plan to support local technology businesses, although the funding needed for the programme still has to be raised.
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Côte d’Ivoire has selected 32 technology companies for its Ivoire Tech Next 15 and Ivoire Tech Scale Up programmes. The selection brings the government closer to its plan to support local technology businesses, although the funding needed for the programme still has to be raised. The government is targeting between CFA5 billion and CFA10 billion, equivalent to approximately $8.3 million to $16.6 million. It wants to secure the money from commercial banks, investment funds and development partners over the programme's 24 month period.
Digital Transition and Technological Innovation Minister Djibril Ouattara announced the selected companies in Abidjan on 4 November. More than 150 businesses applied.
Djamo among the selected companies
"The government has selected 32 companies, but raising the proposed CFA10 billion remains a key part of the programme."
The 32 businesses have been divided into two groups based on their stage of development. Ivoire Tech Next 15 has selected 14 startups that already have products in the market. They include Djamo, which provides digital financial services in Côte d’Ivoire and Senegal, Waribei, which finances stock purchases for informal traders, and La Ruche Health, which offers healthcare services through WhatsApp.
The remaining 18 companies were selected for Ivoire Tech Scale Up. This group includes more established technology businesses such as VEONE, Snedai and Kaydan Technology. Their activities cover software development, cloud services and digital systems. The programme is intended to help these companies increase their capacity and compete for larger projects.
The funding question
The proposed CFA5 billion to CFA10 billion is an ambitious target, but it is not money that has already been distributed to the selected companies. The government expects to bring in banks, investment funds and development partners. Details about individual allocations, financing terms and how companies will qualify for support are still important unanswered questions.
The distinction matters because startups and established technology companies do not necessarily need the same type of finance. A young fintech business may need investment to develop its product and acquire customers, while a larger technology supplier may need working capital to deliver a major contract. Whether the programme offers loans, equity investment or other forms of support will also affect which companies can benefit.
Government wants companies to win more business
Funding is only one part of the programme. The government also plans to connect the selected businesses with potential customers in the public and private sectors. For local technology suppliers, winning contracts can provide a source of revenue and help them build a track record. The companies will also be assessed on revenue growth, jobs created and their ability to expand into other African markets.
They are expected to sign performance agreements and an ethics charter. The Ivoire Tech Forum, scheduled for 11 to 13 November in Abidjan, will provide another opportunity for the selected businesses to meet investors and potential partners. Côte d’Ivoire has now identified the companies it wants to support. The outstanding issue is whether it can raise the proposed funding and make it accessible to businesses that need it.
