Following the graduation of its Class of 2020 a month ago, Pan-African incubator, MEST Africa, has announced that it will invest $100k each in seven startups.
Fifteen teams participated in the final pitching event but only seven were selected which brings the total funding round for this class is $700k.
Asides from the investment, the startups will also take part in MEST’s ongoing incubation programme.
Speaking on the selection, Ashwin Ravichandran, managing director of MEST Africa had this to say.
“This was the first time our entrepreneurs were trained mostly virtually and away from our campus, and I am proud to say they have come out stronger than ever. We are incredibly excited about the 7 companies we have decided to invest in and look forward to continuing our support and mentorship as they launch their businesses across the continent.”
Good morning Ladies and Gentlemen— MEST Africa (@MESTAfrica) August 21, 2020
Welcome to the Final pitch of #MESTClassOf2020.
It's been an incredible journey for these entrepreneurs and we are all so excited to learn about their ideas. pic.twitter.com/G43CEObSUA
The seven startups include:
Shopa, a last-mile ordering and delivery startup for informal retailers in Africa.
Heny, a platform for young professionals to discover new tastes and experiences by changing the way diners eat.
Boxconn, a platform that provides businesses and individuals with access to a list of verified delivery partners closest to them, delivering packages from one place to another seamlessly.
KPILens, a startup that automates and makes easier the reporting, monitoring and evaluation process for development organisations.
Tendo, an online platform that connects independent resellers to businesses, aiming to tackle two of Africa’s biggest problems: unemployment and gender inequality.
Joovlin helps fintech platforms and merchants grow their revenue by interconnecting mobile wallet users and enabling them to transact with each other.
Eleka streamlines customer onboarding processes that are riddled with cumbersome and labour intensive steps.
Last year, while celebrating its 11th year in operation, MEST invested $100k in eleven startups. The total, $1.1 million, marked the largest single cohort investment the organisation has made.
And while this year’s sum is $400k less, the startups selected will have the chance to join over 40 startups across Ghana, Kenya, Nigeria, and South Africa in the incubator’s portfolio.
Featured image: MEST Africa. Source: Supplied.
NEW REPORT ALERT: “Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Find out more in the full report.
Listen to Built in Africa, a podcast by Techpoint Africa