Google has announced its latest AI model, Gemini 1.0, which appears to be one of the most capable artificial intelligence models. As Google figures…
In a bold move to fortify Africa’s burgeoning tech landscape, Baobab Network, a pioneering early-stage investor and accelerator, has announced its ambition to invest in 1 000 start-ups across the continent by 2033. This declaration comes as Y-Combinator (YC) retreats from Africa, creating a strategic opportunity for Baobab to expand its footprint in the market.
Since its establishment in 2016, Baobab has been a steadfast supporter of African start-ups, providing essential funding and mentoring. Each selected company receives a substantial $100 000 investment, coupled with a tailored 12-week accelerator programme, crafted to facilitate rapid growth and sustainability.
Toby Hanington, co-founder of Baobab, emphasised the organisation’s commitment to fostering innovation in Africa. “We have the platform to dramatically scale the number of investments we review and execute across Africa,” Hanington stated. “Our goal is to empower 1000 start-ups, catalysing innovation and driving economic growth across the continent.”
Baobab’s latest cohort showcases the diversity and depth of African entrepreneurship, featuring promising start-ups like Brandrive, PocketFood, and Bunce from Nigeria, alongside Kawu from Uganda and Alal from Senegal.
Each of these enterprises has received a direct investment of $50 000 from Baobab, further bolstered by an additional $50 000 injection from Baobab’s newly launched co-investment vehicle.
Hanington underlined the company’s proactive stance amidst global market fluctuations. “We have already completed 10 deals this year, with a larger cohort expected in Q4,” he revealed.
The recent appointment of Niama El Bassunie, a YC alumna and a notable exited entrepreneur in Africa, as managing partner, further solidifies Baobab’s position as a key player in the continent’s tech revolution.
Baobab Network’s resilience in the face of market challenges underscores the unwavering potential of Africa’s tech ecosystem. As the organisation embarks on its mission to invest in 1 000 start-ups over the next decade, it exemplifies the spirit of African innovation and entrepreneurship.