Nigerian fintech, Carbon, has launched a pan-African fund tagged ‘USD 100K’. The fund aims to provide support for entrepreneurs across the African market.
Also called ‘Disrupt Fund’, selected entrepreneurs will get USD10K each to invest into their businesses. In return, Carbon will stake claim to 5% equity in the business, and provide access to its API (Application Programming Interface).
Beneficiaries are essentially non-fintech businesses such as health, insurance and education and more. Applications are already trooping in from Carbon’s home market, Nigeria, and Kenya, Ghana, Ivory Coast, Uganda, Egypt.
Speaking about the fund, Chijioke Dozie, the co-founder of Carbon, explained that collaboration and partnership are necessary to raise the level of enterprises across the continent.
According to him, “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”, he added.
While African fintech businesses have been attracting investors interest, other startup sectors have draw fewer attention. The Carbon ‘Disrupt Fund’ will tackle this disparity and ensure other sectors are given a chance to thrive.
Meanwhile beneficiaries of the fund will be able to access Carbon’s expansive resources, including its Lagos office, payment platform and growing customer base.
To access the fund click here.