The Baobab Network, a Nairobi-based Accelerator Invests $50k in 5 new African Startups
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 startups around Africa.
Since 2019, The Baobab Network has assisted startups with capacity building and fundraising; its most recent cohort was accepted at the start of March. It has already made five further investments, bringing the total size of its portfolio to 35 startups, after recently increasing its usual investment to US$50,000.
Vutia, a B2B cosmetic marketplace that seamlessly links unofficial retailers of cosmetic, beauty, and personal products with leading brands and suppliers, and Tripitaca, a travel technology company that enables lodging providers to increase their revenue by improving occupancy rates, as well as giving them access to an operating system and affordable financial services, are both from Kenya.
Two more come from Tanzania: Medikea, a patient-centered telemedicine platform that provides complete patient autonomy through on-demand consultation, at-home tests, and diagnostics, and Swahilies, a platform for SME bookkeeping that enables SMEs to record their transactions, manage their businesses, and send and receive payments.
Nigeria’s Messenger, a last-mile business that offers clients in cities all over Nigeria end-to-end logistics and supply chain solutions, completes the cohort. Each company received a US$50,000 financial infusion along with a customized, expert-led venture assistance program. Demo day gave them access to influential angel investors and venture capitalists in Africa and throughout the world.
“We have a lot of pride in this cohort. Each team consists of exceptional executors who are working to address significant issues in their respective sectors. We’ve seen how quickly they can advance exponentially, and we believe that with our help and financial backing, they are now prepared to develop quickly, according to Wanjiku Kimani, admissions lead at The Baobab Network.
