Nigerian Agritech Startup, FoodLocker to Improve its Model with $40,000 Investment from Founders Factory Africa
Nigerian Agritech startup, FoodLocker has been accepted into Founders Factory Africa’s Venture Scale programme where it will receive $40,000 in investment and about $290,000 in tailored support services.
The startup along with 4 other selected African startups will participate in the Venture Scale programme, which will kick-off this month.
Speaking about the selected startups, the co-founder and CEO at Founders Factory Africa, Roo Rogers explained that the companies represent one of the most innovate startups on the continent. He added that they were excited to be part of their growth.
“The five businesses joining the Venture Scale programme represent some of the best of African entrepreneurship and innovation. From point-of-care DNA testing to agricultural logistics, the Founders Factory Africa portfolio has the potential to truly drive economic growth and transform the continent. We’re incredibly excited to be part of the growth of these businesses and to deliver their true scale potential,”Roo Rogers, co-founder and chief executive officer (CEO) at Founders Factory Africa.
Founded by Femi Aiki and Jennifer Okoduwa in 2017, FoodLocker is a foodstuff and grocery e-commerce/retail startup which uses deep machine learning to forecasts foodstuff demand. The startup uses the data to procure the right selection of top-quality consumer goods and fresh produce for large-scale buyers from smallholder farmers.
According to the startup, it makes about ₦10 million in revenue monthly. It also recently won the cash prize of $11,000 Data Analytics Award at the 2019 Pitch AgriHack Competition.
With its selection into the Venture Scale program, the startup will benefit from the program’s cash investment of $40,000 and $290,000 in tailored support services across product development, UX/UI, data science, engineering, business development and growth marketing.
In addition to the support provided, the startups will also have access to exclusive partnerships with Standard Bank and Netcare.
Other startups selected for the program include South Africa’s LocumBase, Akili Labs, EnvisionIt Deep AI as well as Kenya’s Bwala Africa.
Last year, two Nigerian startups Schoolable, a school financing solution and EazyHire, a peer-to-peer leasing platform participated in the program.
Since its founding in 2015 Founders Factory Africa has developed over 70 startups. The company launched its African operations in October 2019 and plans to design, build and scale about 140 disruptive tech startups across Africa over the next five years.
With the new investment from Founders Factory Africa, FoodLocker can look towards improving its deep learning algorithms and its model by driving better logistics and supply chain.
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