Tech in Africa
Bestseller Foundation is a private foundation that supports initiatives or businesses that work towards environmental protection among low-income populations. The foundation announced its first Waste to Value Accelerator for East Africa and will target startups working to address the conversion of waste to value program.
6 lucky East African startups have been selected for US$100,000 convertible debt funding. The accelerator will be managed by Intellecap while ensuring all the enterprises have the necessary technical expertise over the 8-month period starting August 2020 to March 2021. The select 6 were picked from a group of 400 startups spanning Kenya, Tanzania, Rwanda, and Uganda.
Waste has become a thorny issue across East Africa and other emerging economies globally. In low-income neighborhoods, the problem is endemic and poses a major challenge to societal well-being. Statistics from the World Bank reveal that only 48% of the city waste in low-income countries is collected. In rural areas, the figure is much lower at 26%. Only 4% of waste gets recycled which is very low and unsustainable in the long run.
It is worth noting that the countries on focus by the Bestseller Foundation were Rwanda, Tanzania, Kenya and Uganda, and the startups chosen presented solid financial models at a post-revenue phase.
