Key Developments

Microsoft-backed FAST Accelerator Selects 12 African Startups for AI Program

The Microsoft-backed FAST (Foundation for African Startups and Technology) Accelerator has announced the selection of 12 promising startups from across Africa for its highly competitive AI program.
 

The accelerator scoured the African tech ecosystem to identify startups at the forefront of AI innovation, and selected a diverse group that spans various industries and regions.

Out of the 12 startups in the FA23 cohort, nine are Nigerian, and one each from Kenya, Tanzania, and Ghana.

The selected startups are:

Fintech:

1. Zeeh Africa – a Nigerian AI-powered open banking platform connecting businesses to financial data.
2. Cotrust Equity – the Uber for micro-lending in Africa.
3. Wallx – a payment and business solution for small business owners, the company is also a Nigerian founded, based in Lagos.
4. Moosbu – an all-in-one AI-Powered Operating System for small African businesses.
5. Aibanc – a Nigeria-based lending firm that allows customers to access credit through a mobile app.
6. Greenbii – an AI-driven asset financing and software management platform for SMEs.

Healthtech:

7. Zendawa Africa – a Kenyan healthtech service provider that is enabling neighborhood pharmacies to sell online.
8. 10mg Pharma – a Nigerian healthtech that employs an AI algorithm based on the code tree model to pair healthcare providers with financing partners who meet specific criteria.

Others:

9. Sumundi (eCommerce) – an eCommerce platform for Africa’s retail businesses based in Ghana.
10. Trucki (Logistics) – a Lagos-based logistics startup leveraging blockchain and AI to provide a haulage infrastructure that connects cargo stakeholders.
11. KCG Aquatec Fish Farming (Agritech) – a Tanzanian startup that is providing aquaculture infrastructure for fish farmers.
12. Orange VFX.

The FAST Accelerator is backed by tech giant Microsoft, which has pledged substantial resources to support these startups on their journey to harness AI for positive societal impact.

Through the program, these companies will gain access to cutting-edge technologies, mentorship, funding opportunities, and the chance to collaborate with industry experts.

The FAST Accelerator’s AI program aligns with the broader mission of supporting African startups in overcoming barriers to success.

By providing access to resources and expertise, the program seeks to empower entrepreneurs to create solutions that address pressing issues in their respective countries and regions.

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