Twitter head Elon Musk made a compelling announcement on Friday that Microsoft Corporation obtained “exclusive access to the entire Open AI codebase” So what…
Baobab invests $200k in 4 new African start-ups
The Baobab Network, a Nairobi-based accelerator that invests in early-stage tech companies across Africa, has announced its latest cohort of four investees, each of which secures $50 000 in funding.
Boabab has been accelerating and investing in start-ups across Africa since 2019, and now has grown its portfolio to 29 start-ups in 11 countries after making four new investments. The newest cohort joined a three-month intensive growth programme at the end of June, all receiving $50 000 in funding – the new ticket size for any company joining The Baobab Network’s accelerator.
“We spent our first few years in the market trying to test our model and ensure that we are able to deliver real value to African founders and put in the prerequisite processes required to scale it,” shares Christine Namara, programme lead at The Baobab Network.
“Starting earlier in 2022, we launched our first cohort fully with the understanding that we are able to repeat the process of delivering value at scale for African founders and we are very proud of the quality of start-ups that came out of that.”
One of the said start-ups in the latest cohort is from Nigeria, namely Oval Interactive, an interactive MarTech platform enabling people to earn and learn while providing brands with an opportunity to engage with consumers under their flagship product Trivia Billionia.
Also selected were two South African start-ups, Lemon, a platform enabling businesses to purchase industrial supplies with ease, and Local Knowledge, a TravelTech supporting digital travellers to explore Africa and enrich the lives of locals.
The fourth company is Shemach, a marketplace making it easier for small retailers in Ethiopia to order, warehouse and pay for inventory.
The four new companies, who each received $50 000 in funding and an intense programme of growth support, join 25 other start-ups that The Baobab Network has invested in since it launched its accelerator in 2019, including 5 from the first cohort earlier this year.
“We made it part of the process to close with a demo day, and we have been quite pleased with the traction our founders have gotten from the last one we had,” Namara added. “Our companies have gone on to raise more than $50m in follow-on funding since we first launched our accelerator in 2019, so the model is definitely working.”
“We are pretty excited to introduce you to the founders in our current cohort, and share some exciting news on portfolio growth thus far.
“Today you see four, hopefully, next time you see 20. We want to be Africa’s leading tech accelerator – built for and geared toward building excellence from the continent,” says Namara.
- Interested in being the next member of the ever-growing portfolio at The Baobab Network? Applications are now open for The Baobab Network’s first cohort for 2023.
ALSO READ: Alitheia IDF leads $11m investment round in SweepSouth