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Five startups have each netted £30 000 (over R570 000) and have been selected by Founders Factory Africa to take part in its six-month Venture Scale programme, which kicked off on Monday (3 February).
Three of the startups are from South Africa, while the remaining two are from Nigeria and Kenya.
In a statement on Monday (3 February) the organisation — which is backed by corporate investors Standard Bank and Netcare — said the Venture Scale programme is aimed at helping startups to scale rapidly.
Startups get a financial cash investment of £30 000, as well as £220 000 in tailored support services — across product development, UX/UI, data science, engineering, business development and growth marketing.
The five startups selected by Founders Factory Africa will each get a cash investment of £30k, as well as £220k in support services
In addition to the hands-on support provided, participating startups will also have access to exclusive partnerships with Founders Factory Africa’s pan-African corporate investors, Standard Bank and Netcare, which unlocks many of the scaling challenges that businesses face.
This includes distribution channels, customer acquisition, pilots, data, IP and expertise, essentially offering the startups an “unfair advantage” in the competitive marketplace.
Founders Factory Africa CEO Roo Rodgers said the organisation is “incredibly excited” to be part of the growth of these businesses and to deliver their true scale potential.
The five new startups that were chosen for the Venture Scale programme include:
LocumBase (South Africa) is an independent, online booking and management platform that provides real-time availability of verified locum medical professionals, by assisting practices in need of short-term, qualified stand-ins, who are able to provide quality care when needed most.
Bwala Africa (Kenya) is a last-mile order fulfillment network designed to connect fleet operators and large fast moving consumer goods (FMCG) manufacturers with retailers, for a fast convenient, order-to delivery end to end
Akili Labs (South Africa) leads the way in low-cost point of care, rapid diagnostics — capable of testing for viruses, bacterial and fungal infections.
FoodLocker: Forecasts foodstuff demand through deep machine learning, thus enabling large-scale buyers to efficiently procure fast-moving consumer goods and fresh produce from smallholder farmers.
EnvisionIt Deep AI: A platform that improves the speed and accuracy, with which a radiologist can diagnose and prioritise chest x-rays for further analysis using AI algorithms.
Foundry Factory Africa’s model includes its Venture Scale programme focused on developing existing startups, while the Venture Build programme harnesses the power of technology to build completely new businesses solving mass needs on the African continent.
Featured image: Founders Factory Africa via Facebook