Kenya’s Insuretech RideSafe Africa, the company that made it to the finals of the Starfleet Incubator, will receive an undisclosed seed investment funding from Aeternity. The startup will use the funds to scale its operations in Kenya and improve its technical support.
RideSafe is a mobile application that provides real-time health solutions to public motorbike operators in case of an accident. The startup now wants to use the funds to reach more motorbike operators in Kenya and expand to the rest of East Africa by the end of next year.
“We are looking at making our solution a global service since we are passionate about solving real-world problems for the masses,” said Ridesafe’s CEO and founder Asiimwe Benson.
RideSafe Africa was among the nine projects that made it to the finals. The finalists will receive a total investment of $1.3 million.
The Shortlisting Process
In an interview with WeeTracker, Benson explains how Ridesafe ended up participating in the Starfleet Incubator:
“We met with the Aeternity team at the World Blockchain Summit that was hosted in Nairobi, Kenya, by Trescon. From there, we were able to sign up for an incubation and funding opportunity where over 60 startups had signed up from all over the globe.”
“We were shortlisted among the top 17 teams to participate, with Vite and UTU Technologies being the only two other African startups that had qualified. After that, we went through a tough week of tests and training and we were again shortlisted amongst the top ten startups who were eligible to join the incubation program fully and stand a chance to secure funding. We made our final pitch at the end of the incubation program and we qualified for the funding,” he added.
According to Benson, the agreement of a possible equity acquisition by Aeternity is yet to be finalised.
Speaking about the finalists of the recent Starfleet Incubator, Aeternity Ventures chief executive Nikola Stojanow said:
“The finalists have demonstrated an innate ability to take our feedback and fine-tune their business model and roadmap accordingly. I am very excited to see the project progress to the next phase of development.”
The Starfleet Incubator
The Starfleet Incubator is a program initiated by Aeternity Ventures and Aeternity with the aim of supporting the growth of blockchain startups. The program involves seed funding, six months incubation period, exposure to a global workspace, mentorships from leaders and entrepreneurs in the blockchain space, and token sale preparation and support.