AlphaCode, a fintech startup initiative, has picked five fintech startup companies that will receive a further six months of mentorship and execution support after completing a three-month program and receiving R500 000 in grant financing each.
Through its Incubate program, AlphaCode welcomes entrepreneurs with early-stage fintech or related sector firms.
Last year, AlphaCode chose eight businesses to participate in the three-month program, following which five businesses persuaded a panel of judges that they should remain in the Incubate program.
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Almost 170 technology companies applied for the AlphaCode Incubate programme, and eight were chosen to participate in the three-month program, which included funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s working space, and opportunities to apply for additional early-stage investment.
Amina Patterson, AlphaCode’s operations head, says the eight firms were particularly impressive, with seven of the eight helmed by female founders.
She notes that AlphaCode had planned for four startups to move to the six-month program, but the talent was too enticing not to bring on one more.
The three businesses that did not move to the next stage of the program continue to be mentored.
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Executive Dominique Collett of parent business Rand Merchant Investment Holdings remarks on how the standard of the AlphaCode Incubate program has been increased.
The five participants in the six-month program will each get a stipend of R500 000.
Over the last seven years, AlphaCode Incubate has distributed R36 million in funding to 50 tech-enabled startups.
The five selected businesses are:
- Abela, a mobile payments platform that allows the underserved to make and receive payments;
- BriefCo, a legal cost consultancy leveraging technology to digitise and automate the preparation of bill of costs and oppositions;
- Sizanani, a stokvel management platform providing the first Whatsapp-based stokvel solution;
- Vocalysd, a transformative conversation-related technology leveraging artificial intelligence for call monitoring, analysis and reporting; and
- Welo, an on-site healthcare services, home medicine delivery and pathology service catering to individuals and corporates.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh