Baobab Network (TBN), a Nairobi-based early-stage start-up accelerator that invests in African tech nuggets, has announced the latest group of beneficiary companies to learn Socialnetlink
The cohort of five start-ups, which includes companies in Egypt, Nigeria and Zambia, joined an intensive three -month acceleration program that began in March. The companies involved cover a wide range of industries including FinTech, RegTech, Credit, and HR Analytics.
Speaking on the new investment strategy of new start-ups joining TBN, Arthur Chupeau, Head of Ventures at TBNsaid: “We felt it was the right time to launch our new cohort investing model. In fact, the quality of the companies we see in our portfolio has improved significantly since we started investing in 2019 so it’s time for us to expand our portfolio across the continent.”
” Today we receive over 1,500 applications each year. In just the past 24 months, we have reviewed applications from more than 50 countries in Africa, i.e., the entire continent, and it is clear now that there is growing interest in our accelerator. We aim to be the partner of choice for any new tech entrepreneur in Africa who wants to grow their business and receive an initial investment.. ”
Here are some details about the new beneficiaries:
side brief is a Nigeria-based start-up that helps African businesses grow across borders by integrating legal, administrative, banking and regulatory aspects through their APIs.
Opus Analytics is an Egypt -based company that develops human resource analytics software for SMEs and businesses in the MENA region and beyond.
Lendha is a working capital/credit lending platform for SMEs in Nigeria.
GoodTalent is a start-up based in Nigeria and the United Kingdom, it is an international platform that brings together talent and facilitates pre-selection, recruitment, and payroll for companies regardless of geographical area.
MightyFinance is a Fintech and lending/credit platform for SMEs in Zambia, helping companies access financing for their activities to boost their growth.
The five tech nuggets, which received US $ 25,000 each, joined an intense growth support program, and joined 20 other start-ups in which TBN has invested since launching its accelerator in 2019.
Start-ups in the cohort will be able to pitch during TBN Demo Day early June. Investors interested can register for this TBN Demo Day here.
Also included in the TBN portfolio Alerzo, a start-up that lifted the Serie A round in 2021 (of 15M US dollars) thanks to a funding round involving FJ Labs, Nosara Capital and Galaxy Digital. This investment also allows them to acquire another start-up from the accelerator’s portfolio: Shago Payments, a fintech in Nigeria.
TBN’s portfolio is now spread over 11 countries in Africa. TBN invests in all regions in Africa and in all technology -related sectors.
Wanjiku Kimani, a Venture Partner at TBN, commented on the TBN model: “along with our financial contribution, we consider that our primary role as an accelerator is to assist founders in their first difficult months. affects company settings, the adequacy between the product and the demand, and the revenue generation. We work closely with the founders to prepare them for a seed fundraising within 6 to 12 months of our arrival. »
“Our structure allows us to interact over a long period of time with the entrepreneurs we support,” said Christine Namara, another Venture Partner at TBN. “Over the past three years, we have built a community of over 1,500 co-investors around the world who are actively seeking to invest and support our portfolio as they move up the accelerator,” he said.
Applications are now open for the next TBN team starting June 2022. All interested founders can apply directly online at thebaobabnetwork.com/apply.
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