Baobab acquires South Africa’s Reflector to empower portfolio companies

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April 3, 2024
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2 min read
Baobab team
  • Baobab Network, a Kenyan early-stage investor that supports African startups, has acquired Reflector Marketing, a strategy and branding agency in South Africa. This is consistent with the investor's commitment to invest in 1,000 African startups by 2033.
  • This move will empower Baobab's portfolio companies with specialised in-house marketing, branding, and digital services to enhance their potential for success and funding. 
  • This news comes six months after it launched an accelerator programme to enhance the African tech system. 

Toby Hanington, Co-Founder of Baobab, said the move signifies the accelerator’s ambitious plans and long-term commitment to investing across Africa. 

“We've worked with the Reflector team since early 2023, and the move to acquire them is a testament to the work they've already done with our portfolio,” Hanington added

Klyne Maharaj, Founder of Reflector Marketing, stated that African entrepreneurs will benefit from this development because they will focus their efforts on supporting them. 

“Baobab already has a phenomenal team that has made a profound impact on Africa's venture ecosystem. Together, we'll build the most powerful capabilities team of any early-stage investor on the continent,” Maharaj added. 

Furthermore, this development will see Klyne and his team join Baobab, with Klyne assuming the role of Director of the Accelerator. This will allow Baobab to offer a wide range of in-house support to its portfolio companies, accelerating their growth and readiness for investment. 

This development comes when an accelerator such as the Y Combinator is said to have reduced its African commitment, which might impact the continent's tech ecosystem, considering the big vacuum it has filled with several companies, including Flutterwave and Paystack

In the thick of this, Baobab Network lays claims to 50 portfolio companies valued at over $225 million, with follow-up funding of over $55 million raised by its companies. The investor is said to have invested in 14 African countries. 

The company provides founders with $100,000 in funding while supporting them to unlock growth and further investment.

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