Five African tech startups have each raised US$25,000 in funding from The Baobab Network’s accelerator, which provides a platform for scaling and securing further investment.
Since launching in 2016, the The Baobab Network has worked with dozens of startups from across the continent, and it has now announced the first five African tech companies to join its 2019 accelerator.
They are Ethiopian ed-tech startup Beblocky, Zimbabwean AI-based health platform Dr Cadx, Kenyan insurtech startup Kakbima, Nigerian payments platform Gladepay, and Ghanaian digital bank Pennysmart.
Each startup has secured US$25,000 in funding in return for a 10 per cent equity stake, as well as access to a tailor-made accelerator programme. The Baobab Network sends its ventures team to each company’s home city for a weeklong sprint prior to unlocking the funds, and then assigns a venture partner for a period of 24 months to help each startup speed its growth and become market and investor ready.
South Africa Today