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Four start-ups 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 start-ups 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 start-ups 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 start-ups in its Venture Scale programme

The four start-ups 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 start-ups 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 start-up last week announced the launch of a Covid-19 daily check-in app (see this story). In 2018 the start-up 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 start-up 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 start-ups that have the potential to scale across the continent.

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