A Nairobi-based accelerator known as The Baobab Network has revealed its most recent batch of five investees, each of whom received US$50,000 in cash.
The Baobab Network invests in early-stage software firms around Africa.
Since 2019, The Baobab Network has assisted businesses with capacity building and fundraising; the organization welcomed its final cohort in February. It recently increased its minimum investment to $50,000 and has since made five additional investments to bring the total number of companies in its portfolio to 40.
Among the new investment recipients are the Kenyan logistics startup Afrigility, which offers B2B e-commerce fulfilment and on-demand warehousing solutions; Togo’s Eazy Chain, which offers an integrated logistics solution with air, sea, and road freight services; and Nigeria’s ePoultry, an agriculture marketplace that provides input credits, advisory services, and a vibrant B2B marketplace for poultry farmers.
The last two companies on the list are Morocco’s Colis and Guinea Conakry’s MuduPay, which have each created platforms that allow Africans to move money via online payments from any location and help customers find, compare, pick, and track their transportation based on personal preferences.
Along with the US$50,000 capital infusion that each startup receives, it also includes a tailored, expert-led accelerator program. Through a demo day, our program promotes beneficial contacts with influential angels and VCs.
“With this amazing cohort of companies, we have once again seen firsthand the force of African creativity. Their drive, ingenuity, and resolve to address urgent problems in their communities and ecosystems have been incredibly motivating. According to Christine Namara, head of ventures at The Baobab Network, “We are honored to have been selected to join them on this adventure and look forward to seeing their transformative influence in the African ecosystem and beyond as we go for scale.