Britam's BetaLab Announces Six Promising Startups for Pre-Incubation Program

Nairobi, Kenya- August 12, 2024... Britam's innovation hub, BetaLab, has selected six early-stage startups to participate in its 12-week intensive pre-incubation program. These high-potential ventures are poised to disrupt the Kenyan financial services landscape, addressing challenges in areas like real estate, savings solutions, SME financing, and healthcare with innovative fintech and insurtech solutions.

The selected innovators include Zereba: A pioneering super App that offers a deposit-free rental marketplace and streamlines real estate transactions. Amsha which leverages technology to create innovative savings solutions designed to resonate with young adults. Adapo: A dedicated fintech platform empowering SMEs and startups through equity crowdfunding. Chamazetu: A digital platform transforming the management of "chamas" (informal savings groups) in Kenya. Pesaflex: Offering a secure and cost-effective bank-to-bank transaction solution to revolutionize payments for MSMEs. Medicod AI: A transformative healthcare and insurance software utilizing advanced AI to optimize medical coding and billing processes.

These startups were chosen for their disruptive solutions that address market needs within the insurance and financial services industry, which are Britam and BetaLab’s areas of operation and future ventures.

"We are excited to welcome these exceptional startups to the BetaLab family," said Evah Kimani, Director Partnerships & Digital, Britam. "Their innovative solutions have the potential to address critical challenges facing Kenyans, and we are confident that our pre-incubation program will equip them with the right tools to succeed. This program is aligned with Britam's goal of fostering a thriving innovation ecosystem and delivering exceptional services to Kenyans through collaboration with brilliant and visionary fintech innovators."

The selected startups will benefit from a comprehensive support system including training, mentorship, access to business experts, and a demo/pitch day with the possibility of incubation for the top three performers.

The program focuses on guiding them through: Business Model Development - establishing robust models that define value proposition, customer segments, revenue streams, and key activities. Product Development & MVP Creation - building a Minimum Viable Product (MVP) that addresses core market needs and showcases their solution's potential. Market Validation - making informed data-driven decisions to improve and iterate their product and Pitching Skills - preparing them to effectively communicate their ideas to investors, partners, and stakeholders.

Following a countrywide call for applications, BetaLab received a wide pool of applicants, and these six startups were shortlisted based on the quality and soundness of their ideas, and the clarity of their needs and objectives. The pre-incubation program is a 12-week intensive journey running from August 10th to November 2024.

Success for these startups translates to achieving set deliverables, including a complete business model canvas, a functional MVP, and a polished pitch deck.

The pre-incubation program is in partnership with Senior Talent, which connects highly skilled and seasoned senior business executives with business founders to help tackle their business challenges and accelerate their development and growth.

"Entrepreneurship is a noble pursuit demanding exceptional resilience and innovation. BetaLab aims to empower these six startups to overcome challenges, create impactful solutions and foster economic prosperity while inspiring a new generation of entrepreneurs" said Senior Talent Chief Executive, Nduati Maina.

Some of the program’s trainers and mentors are seasoned techpreneurs, including:

• Eddy Thiong'o: An experienced tax lawyer and startup analyst who supports businesses in corporate strategy and tax advisory.
• Matunda Nyanchama: An ICT professional and chairman of Damu Sasa, an innovative end-to-end blood services information management system.
• Betty Cianda: A gender finance and business development consultant.
• Edwin Kinoti: A digital transformation expert with a focus on cloud services and corporate acceleration.

About Britam's BetaLab:

BetaLab is Britam’s dynamic incubation hub where innovation thrives. It serves as a platform for startups and innovators to bring disruptive solutions to life, shaping the future of insurance. BetaLab plays a multifaceted role including Corporate Acceleration Program: Actively seeking partnerships with promising startups tackling challenges within the financial services industry, Incubation and Co-Creation: Providing an ideal space for collaboration and innovation between startups, established firms, and global tech giants. Workshops and Mentorship: Facilitating collaborative workshops with key innovation stakeholders to nurture promising ideas. Hackathons and Events: Actively participating in industry conferences and events, sponsoring hackathons, and hosting their own innovation challenges.

BetaLab has already facilitated the growth of several impactful startups such as AiCare (offering mileage-based insurance) to new heights.