Founders Factory Africa invests in 4 more tech startups through Venture Scale programme

AFRICA – Venture development company, Founders Factory Africa, has accepted four more startups into its Venture Scale programme, providing them with funding and tailored support services.

Founders Factory, which originally launched in London in 2015 and has already built 70 startups, launched African operations in Johannesburg in 2018, from where it plans to design, build and scale 140 disruptive tech startups across Africa over the next five years.

The company recently took five startups into its Venture Scale programme and has now added another four.

The startups selected to take part in the six-month programme, which kicked off this week, are Nigerian tech-driven maritime logistics platform MVXchange, Nigerian healthcare-focused microinsurance solution Wellahealth, Ghanaian diagnostics platform Redbird (formerly Redbird Health Tech) and South African web and app-based escrow platform Truzo.

By taking part in the Venture Scale programme, each startup will gain access to GBP220,000 (US$273,000) in tailored support services across product design, data science, engineering and business development. Each company also receives an additional financial cash investment of GBP30,000 (US$37,000).

The four startups will also have access to exclusive partnerships with Founders Factory Africa’s pan-African corporate investors – Standard Bank and Netcare – which includes access to distribution channels, customer acquisition, pilots, data, IP and expertise.

The company brought its model to Africa in partnership with Standard Bank, which made a multi-million dollar investment into Founders Factory Africa, and the pair made their first investments April of 2019.

It has since secured backing from Netcare, which operates South Africa’s largest hospital network, to provide a platform for entrepreneurs to build and scale e-health startups across Africa.

RedBird offers a suite of verified rapid diagnostic tests (RDTs) and supplies, staff training and its own proprietary monitoring software to pharmacies — giving patients accessible, convenient ways to monitor and manage their health.

The startup recently announced the launch of a Covid-19 daily check-in app. In 2018 the startup netted investment from US investor Gray Matters Capital.

This, while Truzo claims to be South Africa’s first web and app-based escrow platform enabling buyers and sellers anywhere to transact in a safe and secure way.

Wellahealth provides small scale and affordable micro-insurance for common conditions. The first product targeting malaria is affordable and ensures quality and immediate care at your closest pharmacy.

Finally, MVXchange is a tech-driven maritime logistics platform that matches vessel charter requests with available Offshore Support Vessels (OSVs) – the Uber for ships. The startup previously raised US$100 000 in funding, in a round led by US venture capital (VC) firm Oui Capital.

The Venture Scale programme at FFA focuses on developing existing startups that have the potential to scale across the continent.

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