MIT Solve has made one of its first investments

in partnership
with
FLUTTERWAVE, RENSOURCE ENERGY & LEXINTON
26.05.2020

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PARTNER CONTENT

Medplus – A wholesale & retail pharmacy that not only sells locally manufactured & imported drugs but also your everyday essentials. Now you can order your COVID-19 essentials & have it delivered to you in one click.

FUNDING

MIT Solve, an initiative of the Massachusetts Institute of technology has invested in the Kenyan health startup, Acess Afya. Its $900,000 investment in Access Afya is one of its first investments in its mission to solve world challenges.

According to Disrupt Africa: “Launched by Solve last year, Solve Innovation Future is a philanthropic venture vehicle that uses debt,
equity, and alternative structures to invest in entrepreneurs driving social and environmental impact.”

“Startups are selected annually through Solve’s open innovation challenges, and backed with amounts ranging from US$75,000 to US$250,000. The initiative has announced its first three investments, and among them is the Nairobi-based Access Afya, which has raised US$90,000 from Solve as part of a US$900,000 bridge financing round.”

VENTURE FUNDING

Despite the global COVID-19 pandemic, African startups did well in terms of funding in Q1 2020. While this a broad positive, TechCabal’s Kay Ugwuede looks at how women-led companies across the continent have fared in Q1.

Although funding is hardly a metric that shows how well a startup is doing, it is still worth looking at.

Here’s an excerpt from Kay’s article:
“According to a new Britter Bridges report, of all the monies raised in Q1 2020, startups led by women were able to raise only 3.2% of the total. In Q1 2019, they raised 5.7%.”

COVID-19
In Kenya, the healthcare incubator and investor Villgro Kenya has awarded $150,000 in grant to 12 East African startups helping in the fight against COVID-19.

According to TechTrends KE: “The grant will go towards product development, scaling up production to meet local and regional demand, and improving systems to ensure more people get access to quality and affordable healthcare during the pandemic.”

PARTNER CONTENT

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DIGITAL NOMADS

“Most people here take taxis. They have a very solid taxi union and Uber wouldn’t survive a day.”

That’s Victor, a Digital Nomad who left Nigeria to study in Famagusta, a city in Cyprus. He shares his thoughts on how Famagusta
is small but economically smart and ranks all the 13 airports he’s been through in the course of his travels.

The best airport: Charles De Gaulle

Read all about his experience here.

PARTNER CONTENT

As COVID-19 continues to take its toll on our financial lives, small contributions over the next few years can add up to a sizable fund that can give you some peace of mind in the future. Learn about “AIP”– A yielding investment plan with a life cover.”

Thanks for reading,

Have a great week
#flattenthecurve
– Olumuyiwa

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