Founders Factory Africa has been at the fore-front of supporting African startups by way of investments. The company has accepted five more African tech startups into its Venture Scale programme. The programme offers GBP30,000 (US$40,000) in investment as well as tailored support services.
“The five businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation. From point-of-care DNA testing to agricultural logistics, the Founders Factory Africa portfolio has the potential to truly drive economic growth and transform the continent. We’re incredibly excited to be part of the growth of these businesses and to deliver their true scale potential,” said Roo Rogers, co-founder and chief executive officer (CEO) at Founders Factory Africa.
Here Is All You Need To Know
- The Venture Scale programme kicks off in February 2020 and is targeted at fintech and e-health startups.
- The programme will aim to support startups to rapidly scale through a cash investment of GBP30,000 (US$40,000) plus GBP220,000 (US$290,000) in tailored support services — across product development, UX/UI, data science, engineering, business development and growth marketing.
- Three of the startups selected to join the programme are South African, namely LocumBase, an independent, online booking and management platform that provides real-time availability of verified locum medical professionals; Akili Labs, which develops low-cost point of care, rapid diagnostics solutions; and EnvisionIt Deep AI, which helps radiologists diagnose and prioritise chest x-rays for further analysis using AI algorithms.
- Also selected are Kenya’s Bwala Africa, which has developed a last-mile order fulfilment network designed to connect fleet operators and large FMCG manufacturers with retailers, and Nigeria’s FoodLocker, which forecasts foodstuff demand through deep machine learning, thus enabling large-scale buyers to efficiently procure fast-moving consumer goods and fresh produce from smallholder farmers.
- In addition to the hands-on support provided, the startups will also have access to exclusive partnerships with Standard Bank and Netcare, which unlocks many of the scaling challenges that businesses face. This includes distribution channels, customer acquisition, pilots, data, IP and expertise.
A Look At Who Founders Factory Africa Is
Founders Factory was originally launched in London in 2015.
The company drives all aspects needed to build and scale startups — including product development, UX/UI, engineering, investment, business development, marketing and brand. The company also says it provides startups with wide access to corporate investors who enable startups to scale faster. Investors’ support for startups could extend to access spanning distribution, product validation and feedback, data access, market insights, relationships, credibility and capital.
‘‘Founders Factory Africa will build and scale 140 technology startups across Africa over the next five years. Our unique model provides the best support for startup founders. We combine the smarts and experience of local and international technical specialists, with access to a global network of investors and exclusive partnerships with the world’s most forward thinking corporates,’’ the company notes on its website
Already. the company has built 70 startups, launched African operations in Johannesburg in October, from where it plans to design, build and scale 140 disruptive tech startups across Africa over the next five years.
The company brought its model to Africa in partnership with Standard Bank, which made a multi-million dollar investment into Founders Factory Africa, and the pair made their first investments in April. In June it secured backing from Netcare, which operates South Africa’s largest hospital network, to provide a platform for entrepreneurs to build and scale e-health startups across Africa.
For Prospective Startups
Startups wishing to have access to the company’s range of supports may click here
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com