U.S.-based venture firm MARL has picked three Nigerian startups, Solarcorp, Bravoo and Zendtrax, for the 14th cohort of its global accelerator, with $50,000 in funding for each.
The three companies will share $150,000 in pre-seed capital. MARL also gives founders hands-on help with product development, business strategy and fundraising, and connects them with its network of mentors and investors.
"At MARL, we believe great technology companies can emerge from anywhere," said Prakash Goswami, MARL's managing partner.
Goswami said the selection of the three startups shows the quality of innovation coming from African founders.
The three startups
Solarcorp, a climate-tech company, replaces diesel generators in shopping malls and commercial clusters with shared solar-and-storage systems. Its model lets several businesses draw power from a single shared energy system.
Bravoo builds a consumer platform around rewards and gamified experiences.
Zendtrax sells enterprise software that helps businesses manage procurement, inventory, and supply chains.
None of the reports on the selection named the founders of the three companies or the cities where they operate.
Program terms
MARL runs a 12-week accelerator for technical startups. Its website lists a standard pre-seed investment of $50,000 for 5% equity through a SAFE (simple agreement for future equity).
Startups that hit the program's revenue milestone within six months of the cohort start can receive up to $100,000 more in follow-on funding. That follow-on SAFE carries a $2.5 million valuation cap.
MARL says it works with more than 100 mentors, more than 30 pre-seed and seed venture firms, and more than 50 U.S. corporations. At demo day, founders pitch to more than 80 investors, the firm says.
The reports on the Nigerian startups did not confirm whether these standard terms apply to all three deals.
MARL's cohort 14 demo day takes place on Nov. 12.
