One of Nigeria’s fastest-growing fintech startups, Carbon, has pulled off yet another first by setting up a USD 100 K Pan-African fund to address the lack of funding and support holding back budding tech entrepreneurs on the African continent.
Carbon’s USD 100 K Pan-African fund, christened “Disrupt Fund”, is the first of its kind by an African fintech startup. The fund will invest up to USD 10 K per startup for 5 percent equity and as part of the incentives, Carbon will provide access to its API.
This is in an effort to enable investees to leverage its growing customer base and innovative technology platform, thus helping the beneficiaries get to market faster.
With those targets in mind, Carbon is now accepting applications from companies with operations in Nigeria, Kenya, Ghana, Uganda, Cote d’Ivoire, and Egypt.
Startups looking to apply for the fund must have a functioning product, post revenue and be open to the idea of operating in multiple countries. Although the fund has a wide investment mandate, target sectors at this time include insurance, health, and education which have not seen as much investment as the fintech space where Carbon operates.