Hong Kong-based startup accelerator and venture capital firm, Betatron, has unveiled the startups accepted into its sixth cohort. From a total of 2,500 applicants worldwide, nine startups were selected, among which two African startups emerged; ThankUCash and OkHi.
Following the selection process, an investment of $500,000, is given to each startup that has validated their business model and are ready to scale in Asia, and a three weeks intensive bootcamp, entailing introductions to mentors and networks.
A product of Connected Analytics Limited, ThankUCash is a digital platform in Nigeria that helps businesses acquire, reward and retain customers.
Founded in 2018 by Simeon Ononobi, it thrives at helping merchants grow revenue, by connecting them to customers locally and internationally. To retain acquired customers ThankUCash operates a reward system, where cash rewards are earned on transactions made both offline and online.
So far, the startup has raised a total funding of $410,000 from six investors, including; Brandon L Drew, Expert Dojo, 500 startups, Ventures Platform, Google Launchpad Accelerator, and Microtraction. Also, it was the only African startup that got accepted into the 26th batch of 500 startups accelerator programme earlier this year.
Founded in 2014 by Timbo Drayson, the Kenyan-based startup is a digital addressing system that solves delivery problems in the commercial sector. Exact locations, without a physical address, are provided using three basic features, including; global positioning system (GPS), images and web links.
Local and international businesses are given the opportunity to create, describe and share personal addresses, enabling individual and corporate clients to locate them.
So far, the startup has raised a total funding of $1.3 million from various investors, including; Betatron, Aaron Fu, Garage capital among others, and was also among the top finalists for the €500,000 worth 2015 Index awards.
Betatron claims that to date, this cohort has been its most competitive portfolio with an acceptance rate of 0.36%. The other seven startups in the cohort are AppLegal, FreightBro, Phable Care, TakeTask, ShipsKart, SINAY, and Qwikwire, all selected from across the UAE, India, Poland, Singapore, France, and Philippines.
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