Startup Lagos

25-Feb-2025

Fresh News

Flutterwave CEO’s Venture Studio Resilience17 to Invest $200,000 Each in Selected AI Startups 2 months ago

Resilience17, formerly known as Berrywood, the rebranded venture fund and studio founded by Flutterwave CEO Olugbenga "GB" Agboola, has officially launched a new accelerator focused on artificial intelligence, named Go Time AI. This initiative aims to support African startups developing innovative AI products by providing substantial funding and mentorship.

Originally established in 2021 as Berrywood, Resilience17 has already built a diverse portfolio that includes companies such as Klasha, Pivo, AltSchool, and Bamboo. The new accelerator will offer selected startups up to $200,000 in funding in exchange for 8% equity ownership, marking a significant commitment to fostering AI innovation in Africa.

The inaugural cohort of Go Time AI commenced in 2024, providing participating startups with essential financial support, technical resources, and expert guidance. Each selected startup will initially receive $25,000, with the potential for up to $175,000 in follow-up funding. The program also offers access to cloud computing credits and API services, facilitating the development, testing, and scaling of AI products.

"Despite challenges acutely highlighted in 2024, Nigeria is poised to continue leading as a global technology hub and can excel in AI. We launched Go Time AI to validate this thesis. After working closely with the first cohort of AI companies over the past four months, our conviction has only strengthened," said Hasan Luongo, General Partner of Resilience17.

As artificial intelligence continues to dominate global discussions, African founders are striving to establish their presence in the industry. However, they face significant hurdles, including limited access to capital, infrastructure, and technical expertise. The Go Time AI accelerator seeks to bridge these gaps by providing the necessary funding, mentorship, and resources to empower African startups in building and scaling competitive AI solutions.

The launch of Go Time AI follows other significant initiatives in the African startup ecosystem. Notably, Iyin Aboyeji, founder of the VC firm Future Africa, and Mia von Koschitzky-Kimani recently introduced Accelerate Africa, an accelerator modeled after Y Combinator. Additionally, Massimiliano Spalazzi, former CEO of Jumia Nigeria, and Nigerian angel investor Olumide Soyombo have launched JADA, a data and analytics talent hub aimed at connecting global companies with AI talent across the continent.

In its first cohort, Go Time AI welcomed five startups, which showcased their innovations during a demo day in January 2025. The participating startups include:

- Catlog: An AI bot that assists businesses in managing customer inquiries, processing payments, and facilitating deliveries via Instagram and WhatsApp.

- Sahel AI: An AI-powered tool designed for contract review and drafting, tailored for law firms and in-house legal teams.

- Tyms: An AI-driven accounting software solution aimed at small businesses.

- AI Teacha: A tool that helps educators with lesson planning, presentation creation, and learning material development.

- FriendNPal: A 24/7 mental health AI companion and live therapy platform.

These startups received an initial investment of $25,000, with the potential for up to $175,000 in subsequent funding rounds. While the accelerator does not operate a dedicated fund, it draws from Resilience17's $35 million fund pool and remains flexible in accepting additional startups without a fixed cohort size.

The accelerator program kicks off with a week of activities in Lagos, followed by a four-month curriculum designed to provide founders with hands-on learning and mentorship. Participants engage in bi-weekly Demo Nights, where they showcase their progress and receive feedback from investors, mentors, and peers.

A key feature of the accelerator is the Office Hours, where founders participate in in-depth discussions on critical aspects of their startups, including technical development, product strategy, and growth tactics. This format allows them to receive direct guidance from experienced entrepreneurs and industry experts.

In the first cohort, founders benefited from the insights of experts such as Wiza Jalakasi from EBanx, Olusola (Olu) Amusan, Co-founder and CEO at Vesti, Samee Zahid of Chippercash, and Yewande Akomolafe-Kalu of Flutterwave, among others.

"Our goal was not to teach founders how to run a company but to focus on the most crucial elements that early-stage companies should prioritize: building a world-class product experience and guiding users to recognize the value of the product," Luongo added.

Go Time AI is off to a promising start, with participating founders reporting that the program has effectively sharpened their storytelling abilities, refined financial models, enhanced product thinking, and facilitated connections with corporates and investors. Applications for the second cohort are set to open in May 2025, signaling continued opportunities for African startups in the AI space.

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