Grace Ashiru
The Baobab Network,a Nairobi-based accelerator that invests in early-stage technology startups around Africa, has announced its latest cohort of four investees, each receiving USD 50,000 in cash.
Since 2019, the Baobab Network has been helping and investing in startups all over Africa. After making four new investments, it now has 29 startups in 11 countries in its portfolio.
At the end of June, the newest group of companies joined a three-month intensive growth program. All of them got $50,000 in funding, which is the new price for any company that wants to join The Baobab Network’s accelerator.
We spent our first few years on the market testing our model and making sure we could provide real value to African founders, as well as putting in place the processes we needed to scale it. Christine Namara, who is in charge of programs at The Baobab Network, says so.
Beginning in 2022, we launched our first cohort entirely with the notion that we can replicate the process of creating value at scale for African founders. We are pretty happy with the quality of the startups that came out of that.
One of the said startups that is part of the most recent cohort is called Oval Interactive. It is an interactive MarTech platform that enables people to earn and learn while providing brands with an opportunity to engage with consumers through their flagship product Trivia Billionia. Oval Interactive is based in Nigeria.
Two South African startups were also chosen: Lemon, a platform that makes it easy for businesses to buy industrial supplies, and Local Knowledge, a TravelTech company that enables digital tourists to explore Africa and improve living standards there.
Shemagh is the fourth company. It is a marketplace that makes it easier for small stores in Ethiopia to order, store, and pay for inventory.
The Baobab Network has invested in 25 other startups since it started its accelerator in 2019, including 5 from the first cohort earlier this year. Each of the four new companies received USD 50,000 in funding and an intensive program to help them grow.
We included a demo day as part of the process, and we are quite pleased with the traction our founders have had from the most recent one we held,” Namara added.
Since we started our accelerator in 2019, our companies have raised more than $50 million in follow-up funding, so the model is working.
We are thrilled to share some good news about the growth of our portfolio thus far, as well as introduce you to the founders that are a part of our current cohort.
Today, there are 4, but by the end of the year, we hope there will be 20. We want to be Africa’s leading tech accelerator, built for and focused on building excellence from the continent, saysNamara, the Program Lead at TBN
The Baobab Network’s Cohort 1, 2023, is now accepting applications.
