Startup incubator Nailab invests $25Ok in East African startups
When Nailab (Nairobi Incubation Lab) opened its doorways seven years in the past in Kenya, it needed to be the Y Combinator for Kenya, Nailab CEO Sam Gichuru instructed me. With the intention to accomplish that aim, Gichuru realized Nailab would wish some huge cash, which it didn’t have on the time. That’s why it initially started as a co-working house.
“Along the way we realized that the startups we got into the space that actually managed to raise between 10 to $20,000, who are growing, we realized we needed to put together a seed fund,” Gichuru stated.
The fund, which invests $25,000 in East African startups, appears for Kenya-based startups with potential to be extremely scalable and capable of make a social and/or financial affect.
“We do not find startups that are like what you’d find in other parts of the world,” Gichuru stated. “That is simply because Africa still has a lot more problems to solve that are quite basic.”