The Baobab Network, a Nairobi-based accelerator that invests in early-stage tech companies across Africa, has announced that Ethiopian startup Shemach was selected as one of the startups in its latest cohort of four investees, with Shemach securing 50,000 dollars in funding.
Shemah is a B2B marketplace focusing on fast-moving consumer goods aiming to make it easier for small retailers in Ethiopia to order, store, and pay for inventory via a mobile app.
Shemach, co-founded by Yihunsew Getahun and Dawit Nigusu, was also incubated at Orbit Innovation Hub in 2020. The co-founders have already received a three-month intensive growth program from the Network and will have their demo day on October 6th, 2022.
The Baobab Network has been accelerating and investing in startups across Africa since 2019 and has now grown its portfolio to 29 startups in 11 countries after making four new investments.
BeBlocky, a startup behind an app that teaches children the basics of programming, was the first Ethiopian startup to join the Network in 2019. The following year, another Ethiopian startup, ConDigital, which builds construction management Software, joined Baobab, making Shemach the third startup from Ethiopia to be part of the network.
“We spent our first few years in the market trying to test our model and ensure that we are able to deliver real value to African founders and put in the prerequisite processes required to scale it. “Shares Christine Namara, Programme Lead at The Baobab Network.
In the latest cohort, Baobab also selected two South African startups, Lemon, a platform enabling businesses to purchase industrial supplies easily, and Local Knowledge, a TravelTech supporting digital travelers to explore Africa and enrich the lives of locals.
The last startup is from Nigeria, Oval Interactive, a startup behind an interactive MarTech platform that enables people to earn and learn while providing brands with an opportunity to engage with consumers under their flagship product, Trivia Billionia.
The four new companies, who each received $50,000 in funding and an intense program of growth support, join 25 other startups that The Baobab Network has invested in since it launched its accelerator.
“Our companies have gone on to raise more than $50 million in follow-on funding since we first launched our accelerator in 2019, so the model is definitely working,” Namara added.
Applications are now open for The Baobab Network’s Cohort 1, 2023.