$50k in five new African startups invested by accelerator The Baobab Network
A Nairobi-based accelerator known as The Baobab Network has revealed its most recent batch of five investees, each of whom received US $50,000 in cash. The Baobab Network invests in early-stage software startups around Africa.
Since 2019, The Baobab Network has assisted startups with capacity building and funding; its most recent cohort was accepted at the start of March. It has already made five further investments, bringing the total size of its portfolio to 35 companies, after recently increasing its usual investment to US $50,000.
Two of the chosen startups are from Kenya: Tripitaca, a travel technology company that enables lodging providers to increase their revenue by improving occupancy rates, as well as Vutia, a B2B cosmetic marketplace that seamlessly connects informal retailers of cosmetic, beauty, and personal products with top brands and suppliers. Both startups also give them access to an operating system and low-cost financial services.
Two more come from Tanzania: Swahilies, an SME book-keeping platform that enables SMEs to record their transactions, manage their businesses and send and receive payments, and Medikea, a patient-centric telemedicine platform that offers full patient autonomy through on-demand consultation, at-home tests, and diagnostics.
Nigeria’s Messenger, a last-mile provider of end-to-end logistics and supply chain solutions for clients in cities all throughout Nigeria, rounds up the cohort. Each business received a capital infusion of $50,000 as well as a customised, expert-led venture assistance package. They gained access to eminent angel investors and venture capitalists in Africa and throughout the world through demo day.
“We are really proud of this cohort. Each team is made of excellent executors who are trying to solve big problems within their markets. We have seen their ability to make exponential progress in a short amount of time and we think that with our support and funding, they are now ready to scale rapidly,” said Wanjiku Kimani, admissions lead at The Baobab Network.
