Three African startups scoop $75,000 in investments
At the recently held Startup Circles.ai Demo Day, 13 startups from around Africa showcased their solutions to a panel of judges comprising investors, experienced entrepreneurs and mentors, with three being offered deals totalling $75,000. Those who pitched were graduates of Startup Circles’ Startup Launch and Investor Readiness programmes.
Mangwee, a payments platform that helps learning institutions automate payment and data management processes, secured $25,000 for a 10% stake from Lelemba Phiri, principal at the Africa Trust Group and operating partner for Enygma Ventures. Mangwee chief executive officer, Inonge Kampamba, explained that her team plans to roll out the solution to 50 higher learning institutions in Zambia and Tanzania and 15 in Namibia. The funding will be put towards platform improvement, logistics and finance, marketing and sales, as well as strategic operational partnerships.
Sarah Dusek, managing partner at Enygma Ventures offered out-of-season shoe reselling trading platform, Candor Life $25,000 for a 10% stake in the business. The South African startup is providing earning opportunities for rural and township populations across nine provinces and two countries via its reseller model. According to Candor Life founder and director, Lelethu Shayi, the company hopes to increase its resellers tenfold, expand its reach across five Southern African Development Community markets and up its revenue.
Dusek also offered $25,000 for a 10% piece of AIA. Dubbed the Etsy of Africa, AIA is an online store for handmade African artisanal goods offering creatives who lack budget and digital skills the opportunity to sell their products online. Founder, Caley Africa, shared that the funding will be used to improve the platform’s technology, grow the team behind the scenes and to ramp up content and digital advertising, all with the aim of increasing customers and, in turn, revenue.
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