Nigerian fintech startup, Carbon, has announced that it just launched a $100,000 pan-African fund for startups. The company revealed that the Carbon Disrupt Fund is available to tackle the unavailability of funding and to support tech entrepreneurs in Africa. Carbon plans to invest around $10,000 each in these startups in exchange for a 5% equity.
Ngozi Dozie, co-founder of Carbon, “The investing environment for early-stage startups has improved in recent years. However, a key issue for most startups that has not been addressed is the cost of customer acquisition. 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.”
Chijioke Dozie, co-founder and CEO of Carbon added, “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.”
