Founders Factory Africa (FFA), a venture development company based in Johannesburg, South Africa, has announced a move to fund three new pan-African startups.
The Covid-19 pandemic has had wide-reaching health and economic impact across Africa and FFA has identified a more urgent need to empower individuals and communities by transforming the start-up economy across the continent.
Working with its corporate investors Standard Bank Group and Netcare, FFA announced that they will be welcoming Wazi (Kenya), Asaak (Uganda), and Revix (South Africa) to join their portfolio of more than 25 companies.
All three startups have developed product offerings targeted at the FinTech and HealthTech sectors. Using technological solutions, they enable grassroots communities to have access to healthcare, economic opportunities and equitable finance. The companies are now set for success through an aggressive growth strategy and tailored support from FFA and its partners.
The three new portfolio companies will join FFA’s Venture Scale programme, which gives promising African startups the opportunity for rapid scale across the continent, and beyond. This is made possible through an investment of US$ 300 000 in cash and tailored support services across 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 three new startups joining the Venture Scale programme at FFA are:
- 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 organisations, 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.
- Revix: A fintech platform that makes investing simple, engaging and automated, allowing everyone to invest in emerging themes, sectors and asset classes. Revix is the first investment platform in South Africa to offer a behavioural loyalty and rewards programme, where customers can earn points that can be redeemed for Bitcoin, encouraging everyone to undertake smart investment decisions.