MEST stakes over $20m in African startups after 10 years

Ghana-based incubator, MEST said it has invested over $20 million in technology startups across Africa since its establishment in 2008, with portfolio companies going on to receive follow-up funding.

The company made this known at the MEST Africa Summit which held in Cape Town, South Africa, where it also marked ten years of investing and supporting African Entrepreneurs.

In a statement sent to BusinessDay, Aaron Fu, managing director at MEST, described the summit as a meeting ground for Africa’s top ecosystem partners and enthusiasts. He also said it is a forum for “honest discussion about change on the continent which we hope will lead to tangible actions and delivery,” Fu said.

One of the major highlights of the summit was the emergence of Accounteer as the winner of $50,000 equity investment from the Meltwater Foundation. Other benefits include space and support in the MEST Incubator, Lagos.

Since it was founded in Ghana in 2008, MEST has expanded its footprints into other African countries such as Nigeria in 2015, Kenya in 2016, and South Africa and Cote d’Ivoire in 2017. The company plans to launch a fully-fledged incubator in Nairobi, Kenya later this year.

“When MEST was founded a decade ago, the goal was to find a way to create wealth and jobs here in Africa, by nurturing the massive amount of talent that exists on the continent,” Jorn Lyseggen, founder and CEO fo Meltwater and MEST explained at the summit. “By empowering people to become software entrepreneurs, I believe Africa can take their fair share of the value creation that we know is going to take place in technology and software over the next generation.”

MEST statement disclosed that there have been four exits. These include exits from from digital insurance claims company, Claimsync; ecommerce marketing tools, RetailTower; AdGeek and messaging app, Saya. The company have funded over 50 companies with nearly 300 entrepreneurs receiving training. Its interventions in startups through MEST and providing funding support have also led to the creation of over 500 highly skilled jobs.