Startup Wise Guys Selects 9 African B2B SaaS Startups for its 2nd Batch of Investment
Startup Wise Guys (SWG), Europe’s most seasoned startup accelerator and one of the continent’s most active investment funds, has selected the second batch of 9 African B2B SaaS startups to participate in its $7.5 million African startup investment fund.
The program, Africa’s first B2B SaaS accelerator, started accepting applications in October 2021, with the first batch of successful participants graduating in June 2022.
Announcing the selection for its second batch, the Europe-based accelerator in a press release said “We are thrilled to announce the launch of the second Wise Guys SaaS-Africa acceleration program and introduce 9 startups that have embarked on this exciting journey with us. These selected teams will go through an intense 5-month long acceleration program, receiving $65, 000 cash injection with a potential for up to $250, 000 in additional funding and a chance to connect with 600+ mentors and investors network.”
SWG equally noted that its team has selected these startups out of 400+ applicants and will support its founders in multiple areas, including legal, product, sales, growth, culture, fundraising, and more. Teams will also be able to improve on their business model, pitch convincingly, and have a data-driven approach to their problem-solution definition as they continue driving their different innovations across Fintech, Wealthtech, Proptech, Data analytics, and Retailtech.
The accelerator further gives a breakdown that the batch gathered founders from Kenya, Tanzania, Nigeria, and Ghana, offering relevant solutions to local societal and economic challenges. These teams are tackling various issues: Giving small businesses easy access to financial opportunities, building core software for microfinance banks, and a save now, pay later data-driven marketplace platform. The batch consists of 21 co-founders and 71 employees, with 4 female co-founders.
Meet the startups
Built Financial Technologies (Ghana) – A tool for African SMBs to access financial opportunities via a suite of business tools and financial services.
Tunzaa Fintech (Tanzania) – A save now, pay later data-driven marketplace for everyday Africans.
Hisa (Kenya) – An infrastructure for Borderless Investing in Africa.
DT2 Technologies (Nigeria) – A core banking platform for Microfinance Banks and other financial institutions in Nigeria and Africa
Sortika (Kenya) – A financial planning tool that seeks to democratize savings and investments.
Naivera (Kenya) – An online financial marketplace that helps to drive finance towards affordable income-generating assets for wealth creation.
Bunce (Nigeria) – An API for revenue management and optimization tools for African businesses.
Zemo Card (Kenya) – An all-in-one expense management solution for growing businesses in Africa.
ShipBubble (Nigeria) – A platform that connects businesses to multiple shipping providers at discounted prices.
About Startup Wise Guys Africa
A team passionate about founders and impact-driven businesses runs the Wise Guys SaaS Africa accelerator program: General Partners Franziska Kolk and Petra Wolkenstein, with the support of Eliud Mungai, Managing Director of the batch, recently joined by Sara Sabry as a Project Manager. They will be supporting these teams through the program, giving them all the preparedness and tools they need to scale and expand to other markets.
Commenting on the new batch selection, Eliud Mungai, Program Managing Director says ‘We’re happy to continue our mission of supporting these purpose-driven founders in becoming international entrepreneurs and helping them to build great international, sustainable companies. In addition, we want to create a strong, long-lasting impact, we have a long-term vision, and this covers also becoming a considerable player on the African continent”
“Africa presents the most exciting potential for digitalization on the planet,” he continued. “About two-thirds of the predicted growth in global population between 2020 and 2050 will take place here. Startup Wise Guys’ presence in Africa means we see the business opportunity from supporting startups, and we can also see the benefits for Africa. The portfolio startups in our Africa fund will be leveraging digital technology to support the continent’s growing population with fintech, healthtech, and retailtech,retail tech and catalyze sustainable business growth to provide jobs and prosperity.”
What You Should Know About Startup Wise Guys Africa
In Africa, SWG is focusing on its central mission: startups in the early stages of business evolution with a B2B business model. Its strategy is to be a “first believer” in startups as well as a catalyst for ecosystem development.
Additionally, SWG’s total investment in African start-ups, including follow-on investments, exceeds $1.2 million to date. It has also trained 102 African startups in acceleration and pre-acceleration programs, benefiting an estimated 6,100 people.
SWG is actively working with six Nigerian startups, six Kenyan startups, two Ghanaian startups, and one each from Namibia, Uganda, Tanzania, and Ivory Coast.
Furthermore, the investment in Africa by Startup Wise Guys is part of a larger initiative that has been in the works for several years. SWG has a long-term vision and strategy, with Africa playing a significant role.
This is due, in part, to the experience of some of its managing partners, such as global CEO Cristobal Alonso, a co-founder of MOBOfree, General Partner Franziska Kolk, who has built a Cleantech startup in Morocco, and General Partner Petra Wolkenstein, who has run investor readiness training on the continent.
Chika Nwobi (Nigeria), Adia Sowho (Nigeria, MTN Nigeria CMO), and Ambassador Samuel Amanor are other Venture Partners for the Africa program (Ghana).