KenyaStartup and FundingSurveillance Africa

Kenya: Nairobi-based accelerator The Baobab Network invests $200,000 in four African start-ups

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The Baobab Network (TBN), a Nairobi-based accelerator that invests in early-stage tech companies across Africa, has announced its latest cohort of four startups, each of which will receive $50,000 USD in funding and growth support.

The cohort consists of startups from Nigeria, Ethiopia and two from South Africa. Oval Interactive, a Nigerian interactive martech platform, enables people to earn and learn while providing brands with an opportunity to engage with consumers under their flagship product Trivia Billionia.

From South Africa, Lemon is a platform enabling businesses to purchase industrial supplies with ease, and Local Knowledge is a traveltech supporting digital travellers to explore Africa and enrich the lives of locals.

Ethiopia’s Shemach, a marketplace making it easier for small retailers in Ethiopia to order, warehouse and pay for inventory, wraps up the cohort.

Speaking on the cohort, Christine Namara, programme lead at TBN, stated:  “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.”

The cohort joins 25 other startups that The Baobab Network has invested in since it launched its accelerator in 2019, including 5 from the first cohort earlier this year.

The accelerator has also opened applications for Cohort 1,2023.

 

 

Source: Techcabal.com

See also  Africa: The Big Deal
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