Venture development and investment company Founders Factory Africa has announced it has invested in 3 African startups in different industries.
In partnership with Standard Bank and Netcare, Founders Factory Africa will be funding Wazi, a digital mental health startup based in Kenya; Asaak, an asset financing startup based in Uganda; and Revix, a fintech cryptocurrency startup based in South Africa.
Larry McCarthy, Head of Strategic Investments and Alliances at Standard Bank, said this about the institution’s interest in boosting startups in the region,
“Standard Bank, being an African business, is committed to the growth of this continent. Seed capital and business development programs like FFA’s are needed to accelerate this growth, therefore, we are excited for the three new start-ups joining the venture scale program and look forward to seeing them grow exponentially.”
With these additions, Founders Factory Africa has selected 25 startups to add to its portfolio, accelerating their development and growth in the process. The 3 startups will be participating in the firm’s Venture Scale program, which aims to help them scale rapidly across the continent and the global stage.
Founders Factory, which is based in Johannesburg, was originally launched in London back in 2015 where it has added more than 70 startups to its portfolio. It would later launch operations in Johannesburg in 2018 to help startups aiming to disrupt the local and global market.
Roo Rogers, Co-founder and Chief Executive Officer of Founders Factory Africa, referred to the addition of the startups to the program by stating,
“The three businesses joining the Venture Scale program 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,”
Founders Factory Africa makes these programs possible with a $300k investment and tailored support services. These services are across different areas like product development, data science, engineering, business development, and growth marketing.