Founders Factory Africa (FFA), a Johannesburg-based venture development firm, has announced plans to invest in three new pan-African startups.
The Covid-19 pandemic has had wide reaching health and economic impact across Africa and FFA has highlighted an even greater need to empower individuals and communities by revolutionizing the continent’s start-up economy.
FFA announced that Wazi (Kenya), Asaak (Uganda), and Revix (South Africa) will join their portfolio of more than 25 firms, thanks to its corporate investors Standard Bank Group and Netcare.
All three startups have built products for the FinTech and HealthTech industries. They enable grassroots communities to have access to healthcare, economic possibilities, and equitable finance by utilizing technological solutions. Through an ambitious expansion strategy and specialized support from FFA and its partners, the startups are now set for success.
The three new portfolio companies will be part of FFA’s Venture Scale program, which enables promising African startups scale rapidly across the continent and beyond. This is made possible by a $300,000 cash investment and customized support services in product development, UX/UI, data science, engineering, business development, and growth marketing.
Roo Rogers, Co-Founder & CEO of Founders Factory Africa, said: “The three businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation. We’re incredibly excited to be part of the growth of these businesses and to deliver their true scale potential.”
Larry McCarthy, Head of Strategic Investments and Alliances at Standard Bank, added that he was excited to build entrepreneurship across the continent, and said: “Standard Bank, being an African business, is committed to the growth of this continent. Seed capital and business development programmes like FFA’s are needed to accelerate this growth, therefore, we are excited for the three new start-ups joining the venture scale programme and look forward to seeing them grow exponentially.”
The following are the three new startups that have joined FFA’s Venture Scale program:
Wazi: A digital mental health company connecting people to affordable, high-quality services wherever they are. Wazi provides end-to-end technology solutions that power individuals to access quality healthcare services as well as allowing large NGOs, healthcare organizations, and mental health groups to better deliver care to their clients at scale.
Asaak: An asset financing company that provides credit by lending motorcycles, fuel and smartphones to drivers to improve the lives of informal workers. The Asaak team has developed a revolutionary mobile system and paired it with extraordinary customer service to offer financial products that can be accessed anywhere, without the bureaucracy of some traditional lending institutions.
