Chil AI Lab, a Ugandan artificial intelligence major has unveiled a much sought-after venture capital facility 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, officials announced.
Shamim Nabuuma Kaliisa, a co-founder and shareholder in the company said 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.
She revealed that 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.
Under this arrangement, she said, four outstanding startups will benefit, with guaranteed international media coverage and investor pitch training.
The venture capital fund is set to start in March 2023 and more details on how to benefit will be shared.
