The Baobab Network, a Nairobi-based accelerator that invests in early-stage tech companies across Africa, has recently invested $200,000 in four African startups.
Each of these startups will receive $50,000 in funding and growth support to enable them to scale their business.
The selected cohorts comprise startups from Ethiopia (Shemach), Nigeria (Oval Interactive), and two from South Africa (Lemon And Local Knowledge)
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A look at the selected startups
Shemach (Ethiopia):
Based in Addis-Ababa, Ethiopia, Semach is a last-mile FMCG company that connects retailers with manufacturers, directly delivering products to the shop.
Built by a team of passionate and industry-experienced individuals, the startup was motivated to start the business based on observing their local small retailer.
Shemach is solving a long and inefficient supply chain by offering a digital one-stop marketplace for retailers and manufacturers that allows users to get back their time, and money and increase profitability.
They are in a well-proven market with large players like MaxAB IN Egypt and Alerzo in Nigeria having similar models. Their business model consists of a 6% commission (Which will widen with logistics efficiency and bulk buying) at the moment with a vision of adding BNPL.
Their traction since January 2022 has been, ~2000 orders delivered, Onboarded 2700 registered retailers, and 11 local FMCG brands. They have just closed a landmark partnership with Unilever in Ethiopia which will impact their take rate.
Oval Interactive (Nigeria):
Oval Interactive is the next generation of online video interactive platforms based in Lagos, Nigeria.The company has built a unique platform and technologies enabling interactive videos, with a combination of cloud technology that enables low-latency video streaming with web and mobile interfaces that allow greater user interaction, data collection, and audience monetization.
The company’s mission is to connect with, engage, and transform the next billion people coming actively online via meaningful mobile experiences.
Lemon Startup (South Africa):
Lemon is a B2B Marketplace for industrial supplies based in Johannesburg, South Africa.
The startup offers a one-stop shop for customers to find, compare and buy industrial supplies, also providing a single point of access for buyers within an enterprise.
Lemon’s digital-first approach eliminates manual processes and reduces time to purchase, freeing procurement teams from high-volume transactional orders.
Local Knowledge (South Africa)
Local knowledge is a tour guiding company that is dedicated to doing something completely unique.
The startup aims to move away from the main tourist attractions and look to show its guests the best-kept secrets that Cape Town has to offer.
By avoiding the main tourist attractions, the company provides an authentic experience as it ensures that guests get immersed into the location and the culture of the places they are taken to.
The company in an effort to thrill their guests, show them what locals in the country enjoy doing on a regular basis, as well as a perspective of what the city has to offer.
Speaking on the cohort, Christine Namara, program lead at The Boab Network, said: “Our companies have gone on to raise more than $50m in follow-on funding since we first launched our accelerator in 2019, so the model is definitely working.”
These selected cohorts will join 25 other startups that The Baobab Network has invested in since it launched its accelerator in 2019, including 5 from the first cohort earlier this year.