A seed investment company targeting to design, build and scale 140 disruptive tech startups across Africa over the next five years, Founders Factory Africa, has selected Nigeria’s Foodlocker among five African tech startups to get $40,000 for investment.
FoodLocker, which forecasts foodstuff demand through deep machine learning, thus enabling large-scale buyers to efficiently procure fast-moving consumer goods and fresh produce from smallholder farmers, joins the Venture Scale programme of Founders Factory Africa.
The Venture Scale programme, which kicks off this month, helps startups rapidly scale via a cash investment of $40,000 plus $290,000 in tailored support services – across product development, data science, engineering, business development and growth marketing.
In a statement made available on the company’s website, Co-founder and Chief Executive Officer (CEO) of Founders Factory Africa, Roo Rogers, said, “The five businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation.
“From point-of-care DNA testing to agricultural logistics, the Founders Factory Africa portfolio has the potential to truly drive economic growth and transform the continent. We’re incredibly excited to be part of the growth of these businesses and to deliver their true scale potential.”
Other beneficiaries include Kenya’s Bwala Africa, which has developed a last-mile order fulfilment network designed to connect fleet operators and large FMCG manufacturers with retailers.
Also selected are South African, LocumBase, an independent, online booking and management platform that provides real-time availability of verified locum medical professionals.