In a bold move to fortify Africas burgeoning tech landscape, Baobab Network, a pioneering early-stage investor and accelerator, has announced its ambition to invest in 1 000 start-ups across the continent by 2033. This declaration comes as Y-Combinator (YC) retreats from Africa, creating a strategic opportunity for Baobab to expand its footprint in the market.
Since its establishment in 2016, Baobab has been a steadfast supporter of African start-ups, providing essential funding and mentoring. Each selected company receives a substantial $100 000 investment, coupled with a tailored 12-week accelerator programme, crafted to facilitate rapid growth and sustainability.
Toby Hanington, co-founder of Baobab, emphasised the organisations commitment to fostering innovation in Africa. We have the platform to dramatically scale the number of investments we review and execute across Africa, Hanington stated. Our goal is to empower 1000 start-ups, catalysing innovation and driving economic growth across the continent.
Baobabs latest cohort showcases the diversity and depth of African entrepreneurship, featuring promising start-ups like Brandrive, PocketFood, and Bunce from Nigeria, alongside Kawu from Uganda and Alal from Senegal.
Each of these enterprises has received a direct investment of $50 000 from Baobab, further bolstered by an additional $50 000 injection from Baobabs newly launched co-investment vehicle.
Hanington underlined the companys proactive stance amidst global market fluctuations. We have already completed 10 deals this year, with a larger cohort expected in Q4, he revealed.
The recent appointment of Niama El Bassunie, a YC alumna and a notable exited entrepreneur in Africa, as managing partner, further solidifies Baobabs position as a key player in the continents tech revolution.
Baobab Networks resilience in the face of market challenges underscores the unwavering potential of Africas tech ecosystem. As the organisation embarks on its mission to invest in 1 000 start-ups over the next decade , it exemplifies the spirit of African innovation and entrepreneurship.
Since its establishment in 2016, Baobab has been a steadfast supporter of African start-ups, providing essential funding and mentoring. Each selected company receives a substantial $100 000 investment, coupled with a tailored 12-week accelerator programme, crafted to facilitate rapid growth and sustainability.
Toby Hanington, co-founder of Baobab, emphasised the organisations commitment to fostering innovation in Africa. We have the platform to dramatically scale the number of investments we review and execute across Africa, Hanington stated. Our goal is to empower 1000 start-ups, catalysing innovation and driving economic growth across the continent.
Baobabs latest cohort showcases the diversity and depth of African entrepreneurship, featuring promising start-ups like Brandrive, PocketFood, and Bunce from Nigeria, alongside Kawu from Uganda and Alal from Senegal.
Each of these enterprises has received a direct investment of $50 000 from Baobab, further bolstered by an additional $50 000 injection from Baobabs newly launched co-investment vehicle.
Hanington underlined the companys proactive stance amidst global market fluctuations. We have already completed 10 deals this year, with a larger cohort expected in Q4, he revealed.
The recent appointment of Niama El Bassunie, a YC alumna and a notable exited entrepreneur in Africa, as managing partner, further solidifies Baobabs position as a key player in the continents tech revolution.
Baobab Networks resilience in the face of market challenges underscores the unwavering potential of Africas tech ecosystem. As the organisation embarks on its mission to invest in 1 000 start-ups over the next decade , it exemplifies the spirit of African innovation and entrepreneurship.