Four startups selected for Founders Factory Africa programme each net over £30k
Corporate-backed accelerator and incubator Founders Factory Africa has announced that it has accepted four new startups to its Venture Scale programme, which kicked off yesterday.
Founders Factory Africa announced in a statement yesterday that it was welcoming Truzo (South Africa), RedBird (formerly Redbird Health Tech, from Ghana), MVXchange (Nigeria) and WellaHealth (Nigeria) to the six-month programme.
Foundry 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.
Foundry Factory Africa has invested £30 000 each in four African startups in its Venture Scale programme
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 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 (see this story).
This, while 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 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.
Finally, MVXchange 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).
The Venture Scale programme at FFA focuses on developing existing startups that have the potential to scale across the continent.