Founders Factory Africa - Afrikan Heroes

Founders Factory Africa Doubles Down on South Africa’s Athena with New Funding for Affordable Healthcare Financing

January 31, 2024

Founders Factory Africa (FFA) has announced a significant boost in its investment in Athena, injecting an additional $150,000 into the innovative healthcare financing platform. This latest infusion brings FFA’s total investment in Athena to an impressive $250,000.

Over the past year, Founders Factory Africa has collaborated closely with Athena’s founder, Jabulani Nyembe, to foster the growth of the company from a conceptual stage to a fully operational business with a market presence and a growing customer base.

Athena, established in 2022 and headquartered in Johannesburg, is revolutionizing healthcare financing by allowing patients to pay for medical procedures in interest-free installments. The platform ensures that healthcare practitioners receive upfront payments, mitigating the risk of bad debts and facilitating a more stable financial environment for medical professionals.

One of Athena’s key features is its commitment to providing more affordable options for individuals to access the private healthcare system in South Africa. At a time when innovative solutions are crucial for addressing healthcare challenges in the country, Athena’s approach aligns with the pressing needs of the population.

“If you’re either a Patient or Doctor, check-it out here,” encouraged Founders Factory Africa in their announcement, emphasizing the platform’s potential benefits for both healthcare consumers and providers.

Athena’s unique model allows patients to receive and accept their repayment terms, making the financial aspect of healthcare more manageable. By paying the first installment, patients can initiate their coverage, proceed with their medical procedure, and Athena takes the responsibility of settling the full amount owed to the healthcare practitioner. Repayment to Athena is then spread over 3 or 6 months, offering flexibility and easing the financial burden on patients.

In a statement, Founders Factory Africa expressed their excitement about the progress made with Athena and their commitment to supporting innovative solutions that address critical challenges in the healthcare sector. The investment not only reflects confidence in Athena’s business model but also signals Founders Factory Africa’s dedication to fostering impactful ventures in the African startup ecosystem.

As Athena continues to pave the way for accessible and affordable healthcare financing, the collaboration with Founders Factory Africa serves as a testament to the potential of such partnerships in driving positive change in the healthcare landscape.

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.

Founders Factory Africa Invests in 3 More African Tech Startups

July 13, 2021

Roo Rogers, co-founder and chief executive officer (CEO) of Founders Factory Africa

Founders Factory Africa, the Johannesburg, South Africa-based venture development and investment company, has invested in three more African tech startups to take its portfolio past the 25 mark. Originally launched in London in 2015 and has already built more than 70 startups, Founders Factory launched African operations in Johannesburg in 2018, from where it plans to design, build and scale 140 disruptive tech startups across Africa.

Founders Factory brought its model to Africa in partnership with Standard Bank, and subsequently secured backing from Netcare to provide a platform for entrepreneurs to build and scale e-health startups across Africa and Small Foundation to invest in agri-tech.

Working with Standard Bank and Netcare, Founders Factory Africa has invested in three more startups, taking its total portfolio size past the 25 mark. The latest funded startups are Kenya’s Wazi, a digital mental health company connecting people to affordable, high-quality services; Uganda’s Asaak, an asset financing company that provides credit by lending motorcycles, fuel and smartphones to drivers; and South Africa’s Revix, a fintech platform that makes investing in cryptocurrencies simple, engaging and automated.

The three new portfolio companies will join Founders Factory Africa’s Venture Scale programme, which gives promising African startups the opportunity for rapid scale across the continent and beyond. This is made possible through an investment of US$300,000 in cash and tailored support services across product development, UX/UI, data science, engineering, business development and growth marketing.

“The three businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation. 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) of Founders Factory Africa.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Founders Factory Africa Is Looking To Invest In African HealthTech Startups

January 25, 2021

Founders Factory Africa, a Johannesburg-based venture builder, is calling on all African HealthTech startups to apply to its Venture Scale program and stand a chance to be part of its next cohort of HealthTech startups.

“If you’ve built a product and are in market but need an injection of tech, product, growth, marketing, partnerships/distribution or investment support (together with a cash investment) to scale to the next level, reach out to us,” the company announced.

Here Is What You Need To Know

The scale program is designed for businesses who want to leverage the company’s team and partners to scale.
Founders Factory Africa invests in seed stage technology businesses in the health and fintech sectors. These businesses should have: Strong founding team with relevant sector/industry knowledge or expertise; Product in market with user traction; Validated revenue model and customer pricing; Growth, marketing, partnership channels and strategy; Three (3) years financial model and unit economics; Minimum 6 months runway.
The venture builder invests USD$300k in cash and services ($100k cash and $200k services).
Launched in 2018 and headquartered in Johannesburg, South Africa, Founders Factory Africa is a team of creative builders, designers, entrepreneurs and mentors, who brings a wealth of knowledge and years of experience to the founders and teams it works with.

How To Apply

African healthTech startups interested in applying should 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

Founders Factory Africa healthtech

Founders Factory Africa Invests Over $271k In Four African Startups

March 31, 2020

Founders Factory Africa, a Corporate-backed accelerator and incubator has unveiled four new African startups to its Venture Scale programme, which kicked off yesterday.

In a statement yesterday, Founders Factory Africa announced that it was welcoming Truzo (South Africa), RedBird (formerly Redbird Health Tech, from Ghana), MVXchange (Nigeria) and WellaHealth (Nigeria) to the six-month programme.

Here Is All You Need Yo Know

The four startups will also have access to exclusive partnerships with Founders Factory Africa’s pan-African corporate investors — Standard Bank and Netcare — which includes access to distribution channels, customer acquisition, pilots, data, IP and expertise.
Founders Factory Africa said the four startups have established innovative tech products specifically targeted at the African continent.

RedBird

RedBird offers a suite of verified rapid diagnostic tests (RDTs) and supplies, staff training and its own proprietary monitoring software to pharmacies — giving patients accessible, convenient ways to monitor and manage their health. The startup last week announced the launch of a Covid-19 daily check-in app (see this story). In 2018 the startup netted investment from US investor Gray Matters Capital.

Truzo

Truzo claims to be South Africa’s first web and app-based escrow platform enabling buyers and sellers anywhere to transact in a safe and secure way.

Wellahealth

Wellahealth provides small scale and affordable micro-insurance for common conditions. The first product targeting malaria is affordable and ensures quality and immediate care at your closest pharmacy.

MVXchange

The startup is a tech-driven maritime logistics platform that matches vessel charter requests with available Offshore Support Vessels (OSVs) — the Uber for ships. The startup previously raised $100 000 in funding, in a round led by US venture capital (VC) firm Oui Capital (see this story).

About The Venture Scale Programme

Founders Factory Africa’s Venture Scale provides African startups with £220 000 in tailored support services across product design, data science, engineering and business development, along with a cash investment of £30 000.

The Venture Scale programme at FFA focuses on developing existing startups that have the potential to scale across the continent.

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

Five African Startups Secure Investment From Founders Factory Africa

February 4, 2020

Roo Rogers, co-founder and chief executive officer (CEO) at Founders Factory Africa.

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