The Rand and the Naira might be in a bad way, but not everybody is feeling bearish. Silvertree Internet Holdings have told TechCabal that they have set aside $10 million just for the African startups in which they’ll be investing in 2016.
Since its founding in 2013, the South Africa-based business incubator has backed at least nine companies, including Click n Compare, Faithful to Nature, Cyber Cellar and Healthcart. It also recently acquired PriceCheck from Naspers, and put its original founder, Kevin Tucker back at the helm.
“Searching for top tier talent to invest in and work with will be a key focus for the Silvertree team in 2016, starting in South Africa, but with an eye on other emerging markets on the continent, specifically Nigeria and Kenya”, says Silvertree founder and MD, Paul Cook.
Silvertree’s optimism for 2016 is coming off the back of a strong 2015 in which it says their consumer-focused platform reached 25m unique consumers in Africa and generated over $10 million dollars in revenue. The company’s investment arm targets technology and ecommerce startups.