Askya wants to build ‘tech Dangotes’ starting with 10 African AI startups

Askya Investment Partners is launching a six-week programme aimed at African AI startups, with a financial commitment of a minimum $200,000 to at least one participant. Ten companies will be selected for the programme, and they are not required to pay or give up equity to participate.

Founded by Babacar Seck in 2024, the firm's strategy is rooted in his extensive experience. Seck previously worked at AXA, Proparco, and Digital Africa, backing numerous startups, including Moniepoint, Jumia, GoMyCode, and Complete Farmer. He returned a profit of more than $120 million to his investors and chaired a Smart Africa AI council investment working group.

The programme is not an accelerator, according to Seck. Instead, it focuses on solving two main issues. Firstly, African companies find real demand for their products but struggle to scale due to weak fundamentals such as governance, hiring, and technology. Secondly, there is a disconnection among various stakeholders. He aims to bridge this gap by involving telcos, banks, and technology companies in the programme and connecting the participating companies to the wider African AI community through collaborations with Deep Learning Indaba.

The firm is looking for African-founded and based companies with full-time founders, a working product, and their first customers. The startups cannot be at the idea stage but are open to those up to the pre-Series A stage. Seck emphasizes three key tests for the companies: solving a real problem, offering a significantly better product than alternatives, and having the capability to build it.

He also emphasizes the founders' commitment, calling the successful companies "tech Dangotes," or generational businesses capable of lasting decades.