Baobab Network, an early-stage investor and accelerator that backs technology companies across Africa, has this week announced that they intend to invest in 1000 companies between now and 2033.
Having launched their accelerator in 2019, Baobab has consistently been one of the most active investors across Africa, backing locally led companies from day one. The accelerator provides $100,000 in funding for each company, as well as a 12-week accelerator designed to set each business up for scale.
Announcing their latest 5 investments, Toby Hanington (Co-founder, Baobab) said they now have the platform to dramatically scale the number of investments they review and execute across Africa.
Baobab’s new cohort includes Brandrive, PocketFood and Bunce (all Nigeria), as well as Kawu (Uganda) & Alal (Senegal). Each company has received $50,000 directly from Baobab, with another $50,000 investment from their newly launched Co-Investment Vehicle.
Africa has not been immune to global market dynamics, but Baobab continues to be one of the most active pre-seed investors in Africa. Baobab Network has already completed 10 deals this year, with another larger cohort expected in Q4.