The DNA will make its first investment to francophone African startup Coliba. The cleantech startup will receive a fund of $25k and mentorship from DNA. It uses mobile app that deals with waste recycling.
DNA will provide fund investments ranges from $25K to $100K to startup ventures to grow their business. DNA’s network experts will guide these startups. The aim is to provide expertise and capital investment to bridge the gap for resource unavailability for startups in African countries.
Marieme Diop founded DNA along with Moustapha Ndiaye and Ibrahima Niang as co-founders. Diop pointed on the venture capital disparities between non-francophone and francophone Africa. She stated that Partech analysis shows that 76 % of the total investment made to African companies goes to mainly three countries— Kenya, South Africa, and Nigeria.
As per Partech data, in 2019 out of total investment funded to African ventures, only 0.5 % was allocated to French countries startups.
Diop on the DNA launched said “We are committed for developing an ecosystem for availing resource for francophone African region to help entrepreneurs in scaling their business. We also aim to establish DNA as an institute that will mentor startups for investing, creating and developing more value.”
For receiving investment from DNA, startups should have a referral by one of our members. As stated by Diop, DNA will hold a minor stake of (< 10 percent) in the funded ventures and will also provide mentorship.
According to DNA Membership plan, for acquiring DNA membership, one should invest an amount of $10K a year as an individuals and $20K for various corporates.
The Dakar Network Angels registered themselves as a non-profit organisation in Senegal. The Ceremony was held last month with a guest list including Facebook Investor Lead and Timbuktu Ousmane Diagne. DNA will fund more and more startups with higher investment in the coming years.