African incubator MEST has a new MD and 11 fresh startup investments –
Summary
The $1.1 million backing for a graduating class is the largest to date for the Accra-based organization — which operates as a training program and seed fund for African innovators to build successful commercial tech companies. Ghanaian fintech startup Bezo Money will use the funding from MEST to launch its app aimed at formalizing and digitizing West Africa’s traditional savings groups, founder Mubarak Sumaila told TechCrunch on a call from MEST’s Accra offices. MEST 2019 cohort graduate and investment recipient Zuri has created a platform to organize, review and connect beauty services and professionals to clients online. MEST will continue its entrepreneurial training programs, aimed at shaping founders who can launch companies, and maintain a strong focus on developing and investing in Africa’s early-stage startups. Increasingly, some of the largest African hubs — such as MEST, Nigeria’s CcHub and Kenya’s iHub — have moved toward more fee-based services and investment activities to generate greater operating revenue.