Nura Kemis 
Stephen Gugu, Angel Investor, Co-founder of the African Angel Academy (AAA) and Director at ViKtoria Ventures, with AAA Programme Manger Fiona Kiruja unveil the newly redesigned AAA Cohort 12 programme, curated to equip Africa's next generation of angel investors with the skills, networks, and confidence to back the continent's boldest startups. Applications open until 10 September 2025
- African Angel Academy Launches 12th Cohort to Bridge Africa’s $194B Startup Funding Gap;
The African Angel Academy (AAA), the continent’s premier angel investor training organization, announced the launch of its 12th cohort amid growing recognition that angel investing represents a critical solution to Africa’s massive startup funding gap.
According to the African Development Bank, Africa’s early-stage businesses face an annual financing shortfall of $194 billion, equivalent to approximately 7% of the continent’s GDP.
Over the past five years, AAA has directly addressed this challenge by building a pan-African platform that equips new and active angel investors with the skills, tools, and networks needed to fund early-stage innovation.
Since its inception, the organization has trained more than 770 investors from over 26 African countries, empowering them to back high-potential ventures in fintech, health tech, agriculture, climate solutions, and education.
The Academy’s measurable impact includes 216 facilitated deals that have unlocked $53.6 million in funding for startups and innovation.
Of this total, $7.2 million represents direct investments by AAA-trained angels, while curated startup showcases alone have generated 10 deals worth $1.8 million 2.
This growing alumni network is playing a transformative role in strengthening Africa’s investment landscape and catalyzing growth across multiple sectors.
The announcement of Cohort 12 follows the successful completion of Cohort 11, which brought together over 100 participants from more than 25 countries including Nigeria, Kenya, South Africa, and Egypt.
AAA’s innovative model blends self-paced learning with live, interactive sessions led by experienced African angels, and continues post-program with access to an active alumni network for deal flow, syndication, and peer learning.
“Angel investing in Africa has moved beyond hobby investing; it is now a strategic lever for economic transformation,” said Stephen Gugu, Angel Investor, Co-founder of the African Angel Academy(AAA), and Director at ViKtoria Ventures. “In Cohort 11, we saw angels back early-stage ventures with cheque sizes ranging from $1,000 to $50,000—amounts that are often too small for venture capital but transformational for founders.
These investments are fast, flexible, and perfectly suited to the opportunities created by Africa’s rapid digital adoption.
Gugu noted that of the 100 participants in Cohort 11, sixty percent were new to angel investing, and thirty-five percent were women—well above the global average of 20-30% female representation in angel networks.
“When women step into the role of investor, they bring perspectives, networks, and priorities that expand the reach and impact of capital,” he said.
“Based on the momentum and diversity we saw in Cohort 11, I expect Cohort 12 to not only match but exceed those successes, mobilizing even more strategic capital into high-potential African startups.”
Cohort 12 offers two sequential tracks: Mechanics of Angel Investing (September 17 – October 29, 2025), a foundation-level course for new angels, and Advanced Angel Investing (November 5 – December 10, 2025), a deep dive for experienced investors. Participants can join either track individually or complete both as part of the Full Programme Experience.
Delivered fully online, the program blends self-paced modules on Thinkific, live Q&As and masterclasses via Zoom, simulations, and peer engagement on WhatsApp.
Speaking about Cohort 12, AAA Programme Manager Fiona Kiruja said, “When we launched AAA in 2020, our mission was simple: bring angel investing out of the shadows and create a space where new and seasoned investors could learn, connect, and back Africa’s boldest startups.
Four years and 11 cohorts later, we’ve listened to our community—what works, what’s missing, and what’s next. Cohort 12 is the result: more dynamic, flexible, and personal than ever before.”
Guided by the tagline “for angels, by angels,” AAA’s trainer network features seasoned investors including Stephen Gugu, Alexandra Fraser,David van Dijk, Michelle Matthews, Sewu-Steve Tawia, and SG Laubscher, giving participants direct access to the practical expertise shaping Africa’s early-stage capital markets.
“As AAA marks five years of building this community, we’re not just training investors—we’re connecting them to opportunities that can transform Africa’s innovation economy,” concluded Stephen Gugu. “Cohort 12 is about turning knowledge into action, and action into measurable impact.:
Applications for Cohort 12 close September 10, 2025. For more information or to apply, visit: https://bit.ly/
