Carbon has set up a $100,000 Pan-African entrepreneurship fund to support budding tech entrepreneurs on the continent.
Carbon’s Disrupt fund, the first of its kind by an African fintech startup, will invest up to $10,000 per startup (for 5 percent equity) and give access to Carbon’s API, allowing investees to leverage Carbon’s growing customer base and innovative technology platform, to get to market faster. Acknowledging that its success is dependent on the growth of the tech ecosystem, Carbon expects the initiative to spark more collaboration and further investment that should drive growth across the ecosystem. It’s not all altruistic, unfortunately!
Carbon is now accepting applications from companies with operations in Uganda, Kenya, Nigeria, Ghana, Cote d’Ivoire and Egypt. Startups looking to apply for the fund must have a functioning product, post revenue and looking to operate in multiple countries. The fund has a wide investment mandate but target sectors include insurance, health, education which have not seen as much investment as the fintech space.
More than 50 percent of startup funding on the continent in 2019 went to fintech firms, despite the abundance of opportunities that exist in other sectors. Carbon’s Disrupt fund has been developed to tackle this head on, making it easier for entrepreneurs across all sectors to access the funds and support they need to establish their solutions and achieve their business objectives. The fund will also provide mentorship, access to Carbon’s customers and payment platform, as well as office space in Carbon’s Lagos offices.
Interested entrepreneurs can apply to access the fund via https://getcarbon.co/disrupt-fund