CHIL AI Lab Group has announced a new venture capital fund set to transform technology investment in Africa, following a decision by the company board of directors.
The venture capital fund, worth $87,500, is geared towards early-stage African technology startups whose products are in line with the continent’s development. The fund will seek companies and founders in Artificial Intelligence, FinTech, Property-tech, and retail sectors; as long as they embody values that investors align with.
Four outstanding startups will benefit, with guaranteed international media coverage and investor pitch training. According to Shamim Nabuuma Kaliisa, a co-founder and shareholder in the company, at least $35,000 of the fund is dedicated to getting media exposure for the startups.
“I am a product of being given. So many prominent billionaires give me money, which the world never gets to know about, and I feel I should give a helping hand to those who are in the situation I was once in,” she states.
Nabuuma adds that CHIL Group wants to support founders who are working on the many challenges Africa faces that technology can instantly solve.
The venture capital fund is set to start in March 2023 and more details on how to benefit will be shared.
CHIL AI Lab Group is a mother company to technologically-proven and AI-driven brands, including CHIL Food Center, for food suppliers and food retailers in Europe, Middle East & Africa; ChilSpace, whose mission is to use satellite technology to offer farm monitoring; and Chil Femtech Center, offering telemedicine services to African mothers and women.
The Group has a presence in 4 continents and is on the verge of expansion worldwide.