The Baobab Network, an accelerator based in Nairobi that focuses on supporting early-stage tech companies throughout Africa, has unveiled its newest group of investees, marking an investment of US$50,000 in each of the five selected startups.
Since 2019, The Baobab Network has been actively involved in the growth of startups by providing them with essential resources and aiding their fundraising efforts. The organization previously accepted a cohort of startups in February and has now increased its standard investment to US$50,000, adding five more companies to its portfolio, bringing the total to 40 startups.
Among the newly chosen investees is Afrigility, a Kenyan logistics startup specialising in B2B e-commerce fulfilment and on-demand warehousing solutions. Another addition to the cohort is Eazy Chain from Togo, which offers an integrated logistics solution encompassing air, sea, and road freight services. Also joining the group is ePoultry from Nigeria, an agriculture marketplace that provides poultry farmers with input credits, advisory services, and a dynamic B2B marketplace.
The remaining two startups in the latest cohort include MuduPay from Guinea Conakry, which has developed a platform enabling Africans to make online payments and transfer money from any location, and Colis from Morocco, which helps transporters digitize their operations while assisting customers in finding, comparing, choosing, and tracking transportation options according to their preferences.
In addition to the significant cash injection of US$50,000, each company will benefit from a tailored accelerator program led by industry experts. This program facilitates valuable connections with prominent angel investors and venture capitalists through a demo day.
Christine Namara, head of ventures at The Baobab Network, expressed her enthusiasm for the selected startups, highlighting their innovation and dedication to addressing critical challenges within their communities and ecosystems. She expressed pride in being chosen to accompany them on their journey and expressed anticipation for the transformative impact they will have on the African ecosystem and beyond as they strive for scalability.