Afripreneur
Bantaba: Connecting African Tech Startups With Diaspora Investors And Resources
Bantaba co-founder and CEO, Lamin Darboe (Images: Supplied)
Bantaba is a digital matchmaking platform that allows African tech start-ups to access knowledge and capital from the diaspora community. The company was founded in July 2021, by a talented group of African diaspora. The mission is to empower Africa’s startup ecosystem using resources from the diaspora.
Lamin Darboe is the co-founder and CEO. Originally from Gambia with a background in finance, consulting and venture capital. While the other executives, Fabrice Ouedraogo (CTO) and Noufay Kafando (CPO) are from Burkina Faso. Fabrice has a background in computer science and cloud computing. While Noufay has a background in Engineering and management. The startup is headquartered in Stockholm, Sweden. But has a global workspace with employees based in Kenya, Germany, France, Taiwan.
Alaba: For those who don’t know, how does the Bantaba platform work?
Lamin: Bantaba is community-based platform that brings African tech startups and diaspora professionals & investors together to bridge the gap between global knowledge, capital and Africa’s startup ecosystem.
On one hand, African tech startups can create a pitch of their product or services and disclose their business needs on the platform. Diaspora professionals and investors, on the other hand, can create a profile showcasing their skills, experience and as well as their interest in the African tech ecosystem.
The platform then uses the information provided to match startups with diasporas in the community that are in a position to add value to them and vice-versa. Once there is a match, Bantaba’s in-platform messaging feature can be used for communication.
As an example, a tech startup in Nigeria who is looking for someone with experience in capital raising will be matched with James, a diaspora professional in Finland who has spent years working at VC firms in Finland.
In addition to connecting Startups with diaspora, Bantaba also creates a space where startups can share their journey with the diaspora community making it possible for the startups to create awareness around their ventures and build valuable networks.
Alaba: What’s so special about Bantaba and how have you attracted users and grown the platform till date?
Lamin: What makes Bantaba special is its community. It brings African tech startups closer to capital and resources by creating a global network. That’s not all, our model democratises access to network, knowledge and capital which makes it possible for more startups to access valuable resources. On the diaspora end, the platform finally gives millions of knowledgeable and wealthy Africans living abroad the ability to help the African continent grow. They can now support disruptive startups and also diversify investments by accessing a wider pool of startup investment opportunities.
Bantaba builds a solution for Africa, by harnessing African resources. It is championing a paradigm shift from the focus on remittance to investment in productive sectors of the African continent. Currently, Bantaba has over 500 diaspora and startup users on its platform, and this number is poised to significantly grow with the deployment of a new version of the platform.
Alaba: What have been the biggest challenges and successes in building the platform till date?
Lamin: The biggest challenge has been finding the right tech talent for the team. It’s not unexpected as the demand for tech talent has been skyrocketing since the pandemic. The fact that we are a young company makes it often difficult to compete with offers from big corporations.
However, the team is growing gradually, working together to achieve our mission of empowering Africa’s startup ecosystem. Since our beta launch, we have raised about $500,000 in funding, and been selected to join SSE Business Labs. One the biggest innovation hubs in Sweden. We were also among the 10 finalists at the 2021 Shift Capital Competition, which started with over 250 Swedish tech startups.
Alaba: African startups have been attracting a lot of VC funds lately. Why do you think so many investors are taking interest in this vertical? What do you think has changed recently?
Lamin: The potential in Africa has always been there. It has extensive resources, a young and increasingly educated workforce, and huge prospects for economic growth. However, until recent years it was largely untapped. The success of startups like Jumia, Andela and most recently Paystack in the ecosystem has significantly changed the perception of investors.
Similarly, the pandemic’s role in opening businesses globally has created new opportunities in e-commerce, work, spending money, online delivery, and learning. Now, VCs are vying for a piece of the African market. No one wants to be left out, so I think African VC funding will keep rising.
Alaba: How does it feel as African innovators making an impact in the Diaspora?
Lamin: We believe in the catalytic power of the African diaspora. And the passion of young African entrepreneurs and innovators looking to change/improve their communities with innovative solutions and digital technologies for green and inclusive development. Our digital platform gives them a helping hand by bringing them together to achieve the goal of a better Africa.
Alaba: What are Bantaba’s expansion plans in terms of product, tech & markets in the next 5 years?
Lamin: In terms of market, we started with leading African countries with well-established startup ecosystems like Nigeria, Kenya, South Africa, Egypt and Ghana. However, any startup on the continent is welcome to join our community. And access the available resources.
Our vision is to become the link between global capital and Africa’s startup ecosystem. Starting with the diaspora community, we want to enable African startups to have equal opportunity to capital. Like their peers in other parts of the world, and we want our platform to be the leading platform in the next 5 years to facilitate that active engagement. And collaboration between African startups and the diaspora community.
Alaba: Finally, what piece of advice would you give to budding African entrepreneurs both in the continent and Diaspora?
Lamin: Fear of failure doesn’t help anything grow. It is important to believe in yourself and never give up. By truly believing in what you are doing especially if it has a positive impact on your community. You can achieve a lot. That’s what will keep you going forward and during hard times. There will always be challenging times, and you can overcome them by believing in what you are doing.
Secondly, the road to startup success is not linear. Being flexible as an entrepreneur is important. When building something, you will get a lot of feedback. And they are always nice to receive, but sometimes difficult to implement. At the times when what you are doing does not reflect the market. Take a step back and readjust your strategy to fit it. That’s the only way to survive and grow.
As part of Veuve Clicquot’s ongoing commitment to supporting and celebrating women in business, the Maison has created the Bold International Barometer in 2019 to shed light on and provide meaningful insights into the evolution of female entrepreneurship. Now in its 3rd year, the Barometer continues to lead the conversation around women and their presence in business, offering a deep dive into the data on female entrepreneurship in South Africa.
In 2023, over 49,000 women and men from 25 countries were surveyed. Encouragingly, South Africa’s data results speak to a robust female-led industry. The survey, which was self-administered online, asked respondents to give their views on several statements relating to the nuances of being a business owner and entrepreneur. Taking a global look first, the survey suggests that the rate of female entrepreneurship has slowed and is even diminishing in some countries. In some cases, this is due to both external—such as ongoing geopolitical crises—and internal factors, like striking a fair work-life balance.
This, however, is not the case in South Africa, where the data suggests a dynamic environment for women, fueled by a contagious desire among them to become entrepreneurs. Amanda Dambuza, Founder and CEO of Uyandiswa and the 2017 winner of the International Businesswoman Award by Veuve Clicquot says, “I am forever impressed by the spirit of South African female entrepreneurs. Despite the many challenges they face, they get up and back themselves to ‘bring home the bacon’. Next to Nigeria, we stand shoulders above the rest with high numbers of females identifying as entrepreneurs.”
In short, female entrepreneurship in South Africa is flourishing. South Africa stood out as one of the global leaders in female entrepreneurship where, currently, 61% of women self-identify as entrepreneurs (primarily aged between 20 to 29). According to the survey, they tend to be better educated and have higher incomes than their male counterparts. Yet they remain concentrated in lower-income sectors like beauty, food, retail, and fashion, while men dominate tech. However, in industries such as transportation, finance, and real estate, there is relatively equal representation, suggesting there could be potential for more women to succeed in these fields, should they want to diversify.
WHAT’S MOTIVATING WOMEN TO BECOME ENTREPRENEURS?
According to the data, 39% of female respondents said ‘that being your own boss’ was the biggest driver for becoming an entrepreneur. Despite this, most women and half of men agree that it is more difficult for women to become entrepreneurs. Further to this, most women concur that securing business funding is easier for men, a view that remains consistent with previous years.
“This finding resonates deeply with me,” says Morongwe Mokone, the 2024 Bold Woman Award by Veuve Clicquot winner and Co-Founder of Mo’s Crib.
“It highlights the persistent gender and structural barriers that women face.” She continues by commenting on the need for strong role models among respondents, with most women and men agreeing on their importance. This emphasizes the need for female visibility and representation,” Morongwe adds. 72% of aspiring South African female entrepreneurs can name a successful woman they admire, surpassing the global average.
Refilwe Sebothoma, 2024 Bold Future Award winner and Founder of Hakem Energies adds, “It remains our responsibility to keep forging a way for those who come after us. In this way, success doesn’t become a too far-fetched idea but a reality which can be attained by fellow women entrepreneurs.”
However, as glowing as some of these statistics may be, women still face challenges that, in many cases, their male counterparts don’t experience. In addition to difficulties accessing funding, women also must navigate balancing work and family, with 63% of women and 56% of men agreeing this is harder for female entrepreneurs. Further to that, since the conversation about working women can’t happen without mentioning their families, half of the female respondents believe that female entrepreneurship disrupts family life, compared to only 25% who feel the same about male entrepreneurship.
“Women must know without a shadow of a doubt that despite cultural and family pressures, they deserve to pursue their dreams of entrepreneurship,” says Amanda.
Further to this, two-thirds of women say that managing entrepreneurship with family life is harder for women, and about half say that working full-time affects family life. This indicates that while entrepreneurship is thriving amongst women in South Africa, there is still much work to be done to support women getting into business, as well as helping them stay there. “It is encouraging to see the growth and resilience of women in this field despite economic challenges,” says Morongwe. “However, it is essential to focus on breaking down the barriers that limit women’s participation in higher-revenue sectors and ensure equal access to funding opportunities. By addressing these issues and promoting diverse role models, we can further empower women and drive sustainable economic growth.”
“Authenticity, resilience, and just being ourselves is very important. As women, we need to keep making a difference, no matter how insignificant we think it is because when that impact is replicated, women will change the world,” concludes Refilwe.
Balladjigui FOFANA, a young Franco-Malian entrepreneur based in France. Passionate about law for several years, he is a lawyer and founder of MYJOBHELP.FR, a platform specializing in international recruitment, international mobility and the completion of administrative formalities for the employment of foreign employees.
Balladjigui has always believed that talent has no borders, and that it should be within everyone’s reach, no matter where they are in the world. In terms of training, he holds a Master 2 in Corporate Law and another in Management and Human Resources Management. He has had several experiences including at the Mutualité Française, then at Couleurs de Tollens and TGS France.
Driven by an entrepreneurial soul and a desire to impact his community, he decided to launch his own company: “MyJobHelp” in October 2022. Convinced that he had found his way, he decided 2 years later (in July 2024) to focus 100% on his career as an entrepreneur.
MyJobHelp makes it possible to secure the recruitment of foreign workers to offer French and international companies access to competent profiles from all walks of life. Work permits, changes of status, visas, residence permits, recruitment, expatriation… MyJobHelp takes care of everything! From now on, don’t worry about paperwork. By trusting MyJobHelp, you are choosing to work in complete serenity and security.
Brown T is a family business launched by two women, sisters, Soraya and Melissa Saidi, and afro-feminists. Born and raised in France in an environment where black/mixed-race women were underrepresented. Having both had the same educational background, they progressed in the world of nursing in order to help and safeguard the health of their neighbors.
However, Soraya and Melissa have always known that they had a mission within their community. To participate in its elevation, particularly with the emancipation of women in all its forms. Their background has allowed them to acquire skills in terms of listening and analyzing the needs of the population and they have therefore decided to use them in the world of marketing to meet the needs of Afro-descendant women.
Brown T wants to encourage the upliftment of black women from an economic, social and cultural perspective. To do this, Brown T is committed to exclusively highlighting Afro-descendant women designers. By giving them exclusive visibility, Brown T wants to be a pillar in the circular economy within the Afro community.
In addition, Brown T is socially engaged by focusing on creating a caring Afro-centered and feminine community that aims to help women on a daily basis feel better about themselves, accept themselves and embrace their differences and their history. Brown T aims to become the benchmark marketplace that offers a solution adapted to the specific needs of Afro women while favoring healthier products that are respectful of the environment and promote overall well-being and self-confidence.
Brown T marketplace offers more than just hair and body products; it provides a holistic experience that values health, natural beauty, Afro entrepreneurship, and sustainability. The brand provides opportunities for Afro women to care for themselves holistically, with a focus on their health, well-being and cultural identity.
