Baobab Network, an early-stage investor and accelerator that backs technology companies across Africa, has announced plans to invest in 1000 companies between now and 2033.
Launched in 2019, Baobab has consistently been one of the most active investors across Africa, backing locally led companies from day one.
Toby Hanington ,the Co-founder, Baobab,said they now have the platform to dramatically scale the number of investments they review and execute across Africa.
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.
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.
According to the accelerator,Africa has not been immune to global market dynamics, but Baobab continues to be one of the most active pre-seed investors in Africa.
The company has already completed 10 deals this year, with another larger cohort expected in Q4.
Additionally, Baobab recently hired Niama El Bassunie as Managing Partner – a YC alumni and one of Africa’s only exited entrepreneurs.
Baobab counts a number of global business leaders, institutions and investors amongst its investor-base, committed to supporting Baobab’s future as a multi-product asset management platform, driving the next generation of technology companies in Africa.