Compass Venture Capital invests $800,000

Compass Venture Capital invests $800,000 in 3 African startups

Compass is active in the continental market. Indeed, the venture capital fund of the ENL Group has concluded three deals with African startups. These investments amount to about $800,000, or about 27 million rupees. Compass Venture Capital continues to develop its portfolio of startups.

Compass Venture Capital strengthens its presence in the continental market

With three new transactions, Compass Venture Capital continues to develop its portfolio of startups on the African continent. Just over 27 million Mauritian rupees have been invested in start-ups Arifu, Shortlist and FinChatBot. The first two are based in Kenya, while thethird is in South Africa.

Artificial Intelligence at the heart of FinChatBot’s business

One of the start-ups funded by Compass is FinChatBot. The company develops virtual assistants using Artificial Intelligence technologies. In concrete terms, it offers chatbots for insurance and financial institutions in South Africa. These virtual assistants aim to improve the quality of customer interactions. In addition, they reduce the costs associated with the digital distribution of insurance contracts and financial products. The start-up wants to use the funds raised to boost its growth by strengthening its sales teams.

Distribution of business and educational information in Kenya

Arifu, meanwhile, has been around since 2014. This Kenyan start-up offers a distribution platform for business and educational information. In addition, it is dedicated to organizations targeting rural populations in Africa who do not have access to the Internet. It brings them the content directly to any mobile phone, free of charge via SMS. In addition to Kenya, Arifu is also present in Tanzania and Rwanda. Now, thanks to the investment fund, it plans to expand rapidly in Southern and Eastern Africa.

The Shortlist digital recruitment platform

Among the three startups funded by Compass is also Shortlist. This digital recruitment platform is also based in Kenya. His area of expertise allows African companies to optimize the cost and efficiency of their recruitment. This process is automated. Thus, thanks to a chatbot, potential candidates are listed, evaluated and compared. Technical tests and videos also help to sort out the best profiles and bring them up. Interviews are conducted using the traditional method, i.e. via recruitment teams. Shortlist is present in the United States and India as well.

7 Compass Venture Capital portfolio holdings

According to Fabrice Boulle, Partner at Compass Venture Capital, “these investments are the result of the excellent work done by the team over the last few months.” As proof, they already have 7 investments in their portfolio, and they want to add local companies to it. For he adds that “the sophistication of the Mauritian consumer offers entrepreneurs new opportunities that can be seized through innovation.” For him, it is important to support their strategic pivot while reducing their financial risks. Finally, he says, “the networks of international investors and partners that we are developing and the modern management methods that we use are strengths that we wish to bring to Mauritian entrepreneurs.”

Most popular

To Top