GetFundedAfrica, a platform leveraging media and technology to support African start-ups and SMEs to grow and scale, is pleased to announce the beginning of its Rain 2022, investor-readiness cohort program with 11 start-ups.
The program begins today, Tuesday, May 31, 2022. It will run for the next 12 weeks with a goal of achieving specific fundraising milestones.
The program aims to tackle three key issues in Africa’s start-up ecosystem:
- The lack of investor readiness on the part of start-ups results in investors’ unwillingness to commit funds to businesses, as recorded in a survey of investor network in 2020. At least 80 per cent of investors cited the lack of investor readiness by start-ups as the main barrier to meaningful investment.
- The inability of start-ups to secure funding, a critical element for these companies especially at the early stages. According to the investment report compiled by the Insights Unit of GetFundedAfrica, data shows that only one per cent of African start-ups in the pre-seed stage secured funding last year.
- The length of time needed to raise funding by start-ups as a scarcity of money means businesses are unable to solve everyday problems. Fundraising requires a lot of time and effort, and reducing that cycle significantly is instrumental to the success of start-ups. (GFA has successfully been able to cut the time from 18 months to just 6 months)
In addition, the program will employ extensive peer review sessions where fellow founders encourage one another by sharing experiences, challenges and issues surrounding their businesses, models and fundraising. It will foster cross-pollination of ideas, diverse opinions and advice from one start-up to another.
Meet The Startups
For this program, GetFundedAfrica received many applications, and through a rigorous internal selection process, it selected 11 start-ups that met certain criteria:
Dillish Instant Foods is a research and agro-processing company with the following products to its name – peeled beans, bean flour, date powder, tigernut & maize cereal, soya beans & date cereal, banana powder, and fibre-fortified swallows/meals. It was co-founded by Kido Chukwunweike and is based in Ogun State.
Regxta is a finance company using alternative data and AI to help financially excluded individuals and micro-businesses access financial services, restructure and gather reliable insights for growth. Rukayat Bello launched the business in 2021 in Lagos, Nigeria.
Gist Mobile is an app that provides users with a digital experience without the need for a SIM card or incurring excessive roaming charges while abroad. Users can unlock the power of being fully digital in a way that is engaging, immersive and personalized. Launched in 2020, Gist Mobile’s founders are Aramide Adebanjo and Ola Ikotun.
Olili Food is a food delivery service company based in Asaba, Delta State with plans to scale to other parts of Nigeria and Africa. It was co-founded by Emeka Ikechukwu Nweze in 2019.
Anderstek-Tribease is a fintech start-up launched in 2021 and located in Lagos, Nigeria. Its cardless credit charge, Tribease, allows users to freely consume products and services at its registered merchants, and then pay later. Moses Omuetha is the founder of Anderstek-Tribease.
Zvendo is an eCommerce platform where sellers can create their online stores and mobile-shopping app without the need for technical knowledge. Located in Cairo, Egypt, it was founded in 2018 by Sameh Abdel Fattah and Tarek Bakry.
Trade Lenda is a financial service company assisting micro, small and informal retailers with access to funds for their business needs. Created in 2021, it has three cofounders – Adesina Adewunmi, Shina Arogundade, and Oluwatosin Ayodele – and operates in Lagos, Nigeria.
The Balance Bowl is a health tech company geared towards helping busy individuals maintain balance in their lives. Using technology on its platform, it provides healthy lifestyle support through high-quality content, access to health professionals and nutritious meals. Andrea Kamara founded The Balance Bowl in 2020 with locations in Lagos, Nigeria & Maryland, USA.
Pave is an international education ecosystem helping students search and apply for courses, internships, exchange programs, scholarships and career opportunities around the world. It was co-founded by Olanrewaju Ogundipe and is based in Lagos, Nigeria.
Staffbus is a transportation company launched by Olujekun Oludayo in 2017. It provides a better alternative to daily, public commute to and fro workplaces. With designated routes and times, it promises a guaranteed schedule to all its users.
Popote Pay is an online and mobile innovation app using mobile money to enable its users make and manage their payments with total control, mobility and up-to-date record keeping. Sam Wanjohi founded the Popote Payments in 2013 and it is based in Nairobi, Kenya
Congratulations to all the businesses!
If you would like to be part of the Harmattan Cohort Fundraising Program 2022, please click on this link: https://lnkd.in/dsdmy5K7