For decades, Nairobi-based accelerator, The Baobab Network has been known for its passion for driving innovation and investment across Africa. In 2022, the firm invested $50K each in four African startups to scale rapidly.
To continue with its goal of investing in early-stage startups, the Nairobi-based accelerator has now announced its latest cohort of investment by backing five new African startups with $50,000 funding each.
Among the new investment recipients are 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 $50,000 cash infusion that each startup receives, it also includes a tailored, expert-led accelerator program. Through a demo day, the program promotes beneficial contacts with influential angels and VCs.
Since 2019, The Baobab Network has been assisting businesses with capacity building and fundraising; the organization welcomed its final cohort in February. And it recently increased its minimum investment to $50,000 and has made five additional investments, bringing the total number of startups in its portfolio to 40.