Founders Factory Africa, Standard Bank and Netcare invest in 5 new African tech startupsSubmitted by: Mayuri Pillay
Johannesburg, 3 February 2020 - Founders Factory Africa (FFA) announced today that they have accepted five new startups into their Venture Scale programme, kicking off on 3 February 2020. The venture development company, along with its corporate investors Standard Bank and Netcare, are excited to welcome LocumBase (South Africa), Bwala Africa (Kenya), Akili Labs (South Africa), FoodLocker (Nigeria) and EnvisionIt Deep AI (South Africa) to the 6-month programme.
All five startups have developed product offerings targeted at the FinTech or HealthTech sectors, and are set for an aggressive growth strategy - aided by the technical and operational expertise offered at FFA. The Venture Scale programme at FFA affords African startups the opportunity of rapid scale, made possible through a financial cash investment of £30 000, as well as £220 000 in tailored support services - across product development, UX/UI, data science, engineering, business development and growth marketing.
Roo Rogers, Co-Founder & CEO Founders Factory Africa, says: “The five businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation. From point-of-care DNA testing to agricultural logistics, the Founders Factory Africa portfolio has the potential to truly drive economic growth and transform the continent. We’re incredibly excited to be part of the growth of these businesses and to deliver their true scale potential.”
In addition to the hands-on support provided, participating startups will also have access to exclusive partnerships with FFA’s pan-African corporate investors, Standard Bank and Netcare, which unlocks many of the scaling challenges that businesses face. This includes distribution channels, customer acquisition, pilots, data, IP and expertise, essentially offering the startups an “unfair advantage” in the competitive marketplace.
Larry McCarthy, Head of Strategic Investments and Alliances at Standard Bank, says that he is excited to grow entrepreneurship across the continent. “Seed capital and business development programmes like FFA are needed to meet the fast-paced demand for technology across all sectors of business, and the effect it can have on improving growth. Standard Bank, being an African business, is committed to participating in this vital element of the economy.”
The five new startups joining the Venture Scale programme at FFA include:
- LocumBase: An independent, online booking and management platform that provides real-time availability of verified locum medical professionals, by assisting practices in need of short-term, qualified stand-ins, who are able to provide quality care when needed most.
- Bwala Africa: A last-mile order fulfilment network designed to connect fleet operators and large FMCG manufacturers with retailers, for a fast convenient, order-to-delivery end to end experience.
- Akili Labs: Leads the way in low-cost point of care, rapid diagnostics - capable of testing for viruses, bacterial and fungal infections.
- FoodLocker: Forecasts foodstuff demand through deep machine learning, thus enabling large-scale buyers to efficiently procure fast-moving consumer goods and fresh produce from smallholder farmers.
- EnvisionIt Deep AI: A platform that improves the speed and accuracy, with which a radiologist can diagnose and prioritise chest x-rays for further analysis using AI algorithms.
Richard Friedland, CEO of the Netcare Group, says: “We’re excited about the selection of the first three healthtech startups, which will help stimulate healthcare innovation and development across the continent. By joining forces with FFA, we’re helping to create a support system for entrepreneurs, as well as providing value to people across Africa.”The FFA model includes its Venture Scale programme focused on developing existing startups, whilst the Venture Build programme harnesses the power of technology to build completely new businesses solving mass needs on the African continent.
To learn more about innovation at Founders Factory Africa, please visit foundersfactory.com/africa.
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About Founders Factory Africa: Founders Factory Africa (“FFA”) is a venture development company – we design, build, and scale tech-enabled businesses across Africa. Our vision is to be the best growth engine for founders across Africa and beyond, and the innovation partner of choice for investors, government and corporates. Our mission is to grow businesses to significant (“unicorn”) scale and deliver large commercial returns to our investors. FFA is building and scaling 140 tech-enabled start-ups across all 54 countries in Africa over the next 5 years. Launched in 2018 and headquartered in Johannesburg, South Africa, FFA is backed by leading corporations, such as Standard Bank Group and Netcare Group. Locally grounded and globally connected, FFA sources entrepreneurs, activates investments, works with governments to unlock regulatory challenges, and recruits talent from across the world.
Social Media: Facebook: /foundersfactoryafrica/
For more information:
Mayuri Pillay - Digital Marketing & PR Lead, Founders Factory Africa