Baobab Network has announced a plan to invest in a thousand African tech companies over the next ten years. This substantial commitment is underscored by the launch of their Co-Investment Vehicle and a new $100,000 investment offering, signalling their strong intent to bolster African entrepreneurship.
The firm was established in 2016. In 2019, Baobab Network launched its accelerator program. Since then, the organization has been building a solid foundation, having already invested in 45 companies spanning 15 African countries.
What’s particularly noteworthy is the success Baobab has achieved within its portfolio, with several exits already under its belt. Among its portfolio companies, standout stars like MuduPay Terminal Africa Inc. and Tripitaca (500 Start-ups B31) have emerged.
Baobab Network Filling Funding Void
Baobab Network is experiencing a surge in interest, with over 1,500 companies applying to join their accelerator program each month. This influx of talent comes at a crucial time when other prominent platforms, like Y Combinator, are shifting their focus back to the United States.
Indeed, there has been a sharp drop in funding made available to African start-ups. Nevertheless, Baobab Network remains steadfast in its commitment to support and nurture the most promising founders in Africa.
Toby Hanington, co-founder of Baobab, was keen to state their commitment to the continent. “We have the platform to dramatically scale the number of investments we review and execute across Africa,” Hannington stated. “Our goal is to empower 1000 start-ups, catalysing innovation and driving economic growth across the continent”
“So, are you a founder looking for your first $100k cheque? Or an investor interested in participating in Africa’s growth story? We’d love to hear from you.” added Toby Hanington.
Only recently, the organisation appointed Niama El Bassunie, a YC alumna and a notable exited entrepreneur in Africa, as managing partner. This is another sign Baobab is looking to play a central role in Africa’s start up ecosystem.