The Baobab Network, Headquartered in Nairobi, Funds Five Promising Startups with $50k Investment Each
The Baobab Network, a Nairobi-based accelerator that invests in early-stage tech companies across Africa, has announced its latest cohort of five investees, each of which secures US$50,000 in funding.
The Baobab Network has been accelerating startups with capacity building and fundraising since 2019, and accepted its last cohort in February. It recently upped its standard investment to US$50,000, and has now made five more investments to take the size of its portfolio to 40 startups.
Among the new investees are Kenyan logistics startup Afrigility, which offers B2B e-commerce fulfilment and on-demand warehousing solutions; Togo’s Eazy Chain, which provides an integrated logistics solution offering air, sea, and road freight services; and Nigeria’s ePoultry, an agriculture marketplace offering poultry farmers input credits, advisory services, and a dynamic B2B marketplace.
Completing the list, Guinea Conakry’s MuduPay has built a platform that enables Africans to move money via online payments from anywhere, and Morocco’s Colis allows transporters to digitise their operations and helps customers find, compare, choose, and track their transportation based on individual preferences.
Aside from the cash injection of US$50,000 every company receives, it also comes along with a customised, expert-led accelerator programme. This programme facilitates valuable connections with leading angels and VCs through a demo day.
“Once again we have witnessed the power of African innovation first-hand with this incredible cohort of startups. Their passion, creativity, and determination to solve pressing challenges in their communities and ecosystems have been truly inspiring. We are proud to have been chosen to join them on this journey and looking forward to seeing their transformative impact in the African ecosystem and beyond as we go for scale,” said Christine Namara, head of ventures at The Baobab Network.
Source: Disrupt Africa
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