Baobab Network to Invest In 1000 African Tech Companies
- Written by PR Newswire
- As Y-Combinator (YC) pulls back from Africa, Baobab doubles down on its early-stage investment strategy across Africa
- New cohorts to receive $100,000 investment each, up from $50,000, with launch of Baobab's Co-investment Vehicle
- Baobab portfolio now up to 45 startups across 15 countries
NAIROBI, Kenya, LAGOS, Nigeria, and LONDON, Oct. 5, 2023 /PRNewswire/ -- Baobab Network ("Baobab"), an early-stage investor and accelerator that backs technology companies across Africa, has this week announced that they intend to invest in 1000 companies between now and 2033.
Having launched their accelerator in 2019, Baobab has consistently been one of the most active investors across Africa, backing locally led companies from day one. The accelerator provides $100,000 in funding for each company, as well as a 12-week accelerator designed to set each business up for scale.
Announcing their latest 5 investments, Toby Hanington (Co-founder, Baobab) said they now have the platform to dramatically scale the number of investments they review and execute across Africa.
Baobab's new cohort includes Brandrive, PocketFood and Bunce (all Nigeria), as well as Kawu (Uganda) & Alal (Senegal). Each company has received $50,000 directly from Baobab, with another $50,000 investment from their newly launched Co-Investment Vehicle.
YC retreating, and other market dynamics behind Baobab's bullishness
Africa has not been immune to global market dynamics, but Baobab continues to be one of the most active pre-seed investors in Africa. Baobab Network has already completed 10 deals this year, with another larger cohort expected in Q4.
Additionally, Baobab recently hired Niama El Bassunie as Managing Partner – a YC alumni and one of Africa's only exited entrepreneurs.
Baobab counts a number of global business leaders, institutions and investors amongst its investor-base, committed to supporting Baobab's future as a multi-product asset management platform, driving the next generation of technology companies in Africa.
About Baobab Network
Baobab Network is an early-stage investor and accelerator that backs technology companies across Africa. Launched in 2016, and based out of offices in Nairobi, Lagos and London, Baobab is a sector and geographically agnostic investor within Africa, and entrepreneurs that join Baobab's accelerator receive $100,000 USD in funding as well as access to a global network of partners and co-investors. Baobab's vision is to build a multi-product investment business, investing in 1000 startups in Africa over the next 10 years.
For more information, media enquiries or to get in touch with the Baobab team, send an email[1], visit the website[2] or follow on LinkedIn[3]. Email: team@thebaobabnetwork.com[4][5]
© Baobab Network 2023 | All Rights Reserved
References
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