Joburg-based venture development firm Founders Factory Africa (FFA) announced another investment in three African startups on 8 July 2021.
Along with corporate investors the Standard Bank Group and Netcare, FFA announced that they will be welcoming Kenyan healthtech Wazi, Ugandan finance startup Asaak and SA fintech Revix to join their portfolio.
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FFA has identified an urgent need to empower individuals and communities
Larry McCarthy, Head of Strategic Investments and Alliances at Standard Bank stated that he was excited to build entrepreneurship across the continent, saying, “Standard Bank, being an African business, is committed to the growth of this continent. Seed capital and business development programmes like FFA’s are needed to accelerate this growth, therefore, we are excited for the three new start-ups joining the venture scale programme and look forward to seeing them grow exponentially.”
The pandemic has had wide-reaching health and economic impact across Africa and FFA has identified an urgent need to empower individuals and communities through the African startup economy.
Wazi is a digital mental health platform connecting people to affordable, high-quality therapeutic services from their phones. Asaak helps their customers access finance and credit by lending motorcycles, fuel and smartphones to drivers. The startup creates mobile fintech offerings that help bypass traditional methods of lending. Revix is a fintech platform that makes investing simple for the layman. The offering includes a rewards programme to encourage customers to undertake smart investment decisions.
These startups use technological solutions to give communities equal access to healthcare, economic opportunities and finance options. They will benefit from an aggressive growth strategy and tailored support from FFA and its partners in FFA’s Venture Scale programme, which gives promising African startups the opportunity for rapid growth across Africa and beyond. The programme was made possible through a $300 000 cash investment and tailored support services across product development, UX and UI, data science, engineering, business development and growth marketing.
Roo Rogers, co-Founder and CEO of Founders Factory Africa, said, “The three businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation. We’re incredibly excited to be part of the growth of these businesses and to deliver their true scale potential.”