Carbon Launches $100,000 Pan-African Fund to Support African Innovators

Consumer lending platform Carbon, with its Disrupt Fund, is set to invest $100,000 Pan-African Fund to Support African Innovators and the fund is open to startups in several sectors such as insurance, health, and education.

This fund is the first of its kind by an African fintech startup and will invest up to US$10,000 per startup for five percent equity. 

Even with the financial value, the selected startups will be granted access to Carbon’s API, which gives them an opportunity to leverage on Carbons customer base and its innovative technology base to allow the startups to get to the market faster. 

Carbon expects the initiative to spark more collaboration and further investment that should drive growth across the ecosystem and is accepting applications from companies with operations in Uganda, Kenya, Nigeria, Ghana, Ivory Coast, and Egypt. 

Startups looking to apply for the fund must have a functioning product, be post-revenue, and be looking to operate in multiple countries. The fund has a wide investment mandate but target sectors include insurance, health, and education.

Chijioke Dozie, chief executive officer (CEO) and co-founder of Carbon, giving a comment on the fund, said “Common investor wisdom is to stay in your market and dominate. This assumes that you are expanding on your own but we believe that by collaborating and partnering deliberately, Carbon and other tech companies can scale faster and build more enduring platforms.” 

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