Baobab Network, a prominent venture capital firm dedicated to supporting innovative startups across Africa, has announced its latest round of investments, marking an exciting expansion into diverse sectors within the continent. This strategic move underscores Baobab Network’s commitment to fostering growth and innovation in the African startup ecosystem.
Buyam: Transforming E-Commerce in Cameroon
Baobab Network has welcome Buyam, a key player in Cameroonian e-commerce, as its newest investment. Founded in 2021, Buyam is reshaping the way Cameroonians connect with merchants, resellers, and consumers through its seamless platform, which offers comprehensive transaction services, delivery solutions, and data-driven product recommendations.
Co-founders Mambe Churchill Nanje and Manjong Kelvin, who bring over 25 years of combined experience in e-commerce and software development, are at the helm of Buyam. With promising early traction and a bold vision, Buyam aims to tap into the $30 billion African e-commerce market, bringing transformative solutions to small and medium-sized businesses across the continent. Baobab Network is investing $100,000 in equity to support Buyam’s growth.
Swyft: Enhancing Logistics Across Africa
Baobab Network has also invested in Swyft, a logistics company based in Cameroon that is set to improve logistics services across Africa. Founded in 2021 by logistics expert Franck Batchadji and supported by COO Fredy Massong, Swyft offers trackable, door-to-door delivery, e-commerce fulfillment, relocation, and storage services through a multimodal fleet.
Swyft’s innovative platform addresses the $2.6 billion Cameroonian last-mile logistics market and is poised for expansion across the continent. Baobab Network’s $100,000 equity investment will help Swyft enhance its operations and scale its services.
RentScore: Making Home Ownership More Accessible
RentScore, founded in 2022, is making strides in the African real estate market by converting rent payments into equity. This approach aims to make home ownership more accessible in Kenya and beyond. The company’s founders, Christabel Ojuok and David Kimani, bring over a decade of experience in real estate and asset management.
RentScore’s intuitive web platform offers accessible home loans, partners with reputable developers, and provides comprehensive support from property discovery to financing. With Baobab Network’s $100,000 equity investment, RentScore is well-positioned to address the $52 billion African housing market.
EnvoyX: Streamlining Healthcare Payment Processing
Baobab Network’s investment in Côte d’Ivoire’s EnvoyX marks its entry into the country’s healthcare sector. Founded in 2023 by Loubao Kraka, a former Visa executive, and supported by Dennis Osafo, who has healthtech experience at Microsoft, EnvoyX is improving healthcare payment processing with its AI-powered platform. The platform reduces payment times from 90 days to under 48 hours, ensuring financial stability for healthcare providers.
With Baobab Network’s $100,000 equity investment, EnvoyX is set to make a significant impact on the $90 billion African insurance market.
VOVE ID: Innovating Digital Identity Verification
VOVE ID, based in Morocco and founded in 2023, is advancing digital identity verification with its secure and reusable KYC platform. Designed to simplify and secure identity management processes, VOVE ID aims to enhance the efficiency and reliability of KYC procedures. The team, led by Aoussar Khalid, Tarik Ait M’barek, and Youssef Saber, brings a wealth of expertise to the $18.6 billion global identity verification market.
Baobab Network’s $100,000 equity investment will support VOVE ID in making KYC processes faster and more cost-effective.
Lemonade: Advancing Digital Payments in Kenya
Lemonade, a new entrant in the digital payments sector, is addressing gaps in privacy and compliance for Kenyan businesses and consumers. Founded in 2022, Lemonade offers blockchain-powered transactions that are secure, seamless, and private. Led by fintech veteran Mark Machiri Kihara and Andrew Kibe, the company is tapping into the $50 billion African payments opportunity with impressive growth metrics.
Baobab Network’s $100,000 equity investment will support Lemonade in expanding its secure and private digital payment solutions.
Aktivate: Enhancing Influencer Marketing
Aktivate, based in Nigeria, is transforming influencer marketing with its all-in-one platform that simplifies discovery, collaboration, and payments for brands and influencers. Founded in 2023 by Akinbola Asalu, Aktivate is positioned to lead the digital marketing sector as influencer marketing in Africa is projected to reach $247 million by 2027.
Baobab Network’s $100,000 equity investment will help Aktivate scale its operations and further enhance its platform.
iFunza: Improving Education Financing
Baobab Network’s investment in iFunza highlights its commitment to improving education financing in Kenya. iFunza’s mobile-first, AI-powered platform connects borrowers with lenders, offering accessible education loans with competitive rates and flexible terms. Founded by Martin Kariithi, iFunza is addressing the $150 billion student loan market in Africa, making education financing more transparent and accessible.
With Baobab Network’s $100,000 equity investment, iFunza is set to support students in overcoming financial barriers to education.
PeerCarbon: Supporting Green Finance
PeerCarbon, founded in 2023, is unlocking affordable green finance for Kenyan SMEs with its comprehensive climate finance ecosystem. The platform offers carbon accounting tools, an AI-powered marketplace, and automated ESG due diligence for green loans. Led by CEO Raymond Maiyo and a team of experts, PeerCarbon is positioned to make a significant impact on the $19.7 billion global climate tech market.
Baobab Network’s $100,000 equity investment will aid PeerCarbon in driving sustainable transformation for African SMEs.
A Growing Ecosystem
Baobab Network’s latest round of investments reflects a dynamic and expanding ecosystem of startups across Africa, each addressing unique challenges and opportunities in their respective markets. With a total of 7,000 applications and 10 startups selected, Baobab Network is excited about the future and remains committed to supporting innovative ventures that are shaping the future of Africa.
These new investments underscore Baobab Network’s dedication to nurturing growth and innovation across the continent, positioning itself as a key player in the African startup landscape.