Baobab Network on a mission to invest in 1,000 African tech start-ups by 2033

Baobab Network, a pioneering early-stage investor and accelerator, has announced its ambition to invest in 1,000 start-ups across Africa by 2033. This declaration comes as Y-Combinator (YC) retreats from Africa, creating a strategic opportunity for Baobab to expand its footprint in the market.

Since its establishment in 2016, Baobab has been a steadfast supporter of African start-ups, providing essential funding and mentoring. Each selected company receives a substantial $100 000 investment, coupled with a tailored 12-week accelerator programme, crafted to facilitate rapid growth and sustainability.

Toby Hanington, co-founder of Baobab, emphasized the organization’s commitment to fostering innovation in Africa.

Baobab’s latest cohort showcases the diversity and depth of African entrepreneurship, featuring promising start-ups like Brandrive, PocketFood, and Bunce from Nigeria, alongside Kawu from Uganda and Alal from Senegal.

Each of these enterprises has received a direct investment of $ 50,000 from Baobab, further bolstered by an additional $ 50,000 injection from Baobab’s newly launched co-investment vehicle.

Hanington underlined the company’s proactive stance amidst global market fluctuations. “We have already completed 10 deals this year, with a larger cohort expected in Q4,” he revealed.

The recent appointment of Niama El Bassunie, a YC alumna and a notable exited entrepreneur in Africa, as managing partner, further solidifies Baobab’s position as a key player in the continent’s tech revolution.

Baobab Network’s resilience in the face of market challenges underscores the unwavering potential of Africa’s tech ecosystem. As the organization embarks on its mission to invest in 1,000 start-ups over the next decade, it exemplifies the spirit of African innovation and entrepreneurship.