Nigerian fintech startup, Carbon, has announced a $100,000 pan-African fund for startups in Africa.
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According to the fintech startup, the Carbon Disrupt Fund set aside to help in funding and pushing up budding tech entrepreneurs on the continent.
The company will invest $10,000 per startup in exchange for a 5% equity. Moreso, startups will be able to access Carbon’s API, and leverage Carbon’s growing customer base and innovative technology platform.
Additionally, the fund will be used to provide mentorship for successful funded startups allowing them to access to Carbon’s customers and payment platform. They will also be eligible for an office space in Carbon’s Lagos office.
The funding criteria for the Carbon Disrupt Fund requires the applying companies to be operational in Uganda, Kenya, Nigeria, Ghana, Cote d’Ivoire and Egypt.
Moreso, the startups looking to apply for the fund must have working product, be in post-revenue stage and looking to operate in multiple countries.
“A lot of money is spent on acquiring customers, mainly via social media, when a more collaborative approach among tech companies could be more efficient. Our fund will enable this collaboration, allowing others to market to our customer base and vice versa – a win-win for everyone.” Ngozi Dozie, co-founder of Carbon said.
While there have been too many startups with venture capital funds in the fintech sector, the company is looking to onboard other companies in the education, health sectors etc.
“There are many excellent companies across the continent looking for the kind of scale Nigeria offers and we are excited to partner with them to provide the support and financial investment they need. We are equally excited to expand beyond Nigeria and Kenya by working with a new generation of innovators across the continent and sharing our experience to tackle common obstacles to growth.”Chijioke Dozie, co-founder and CEO of Carbon