Baobab Network, an early-stage investor that backs startups across Africa, has announced the acquisition of Reflector Marketing, a strategy and branding agency headquartered in South Africa.
The Baobab Network has been accelerating startups with capacity building and fundraising since 2019, and recently upped its standard investment to US$50,000. Its portfolio includes 50 startups
Founded in 2022 by Klyne Maharaj, meanwhile, Reflector Marketing has established itself as a specialist agency offering strategic marketing, branding, and digital services tailored to startups’ needs.
It has now been acquired by Baobab Network in a move Toby Hanington, co-founder of Baobab, said epitomised his company’s ambitious plans and long-term commitment to investing across Africa.
“Baobab has made no secret that we want to become the leading early-stage investor across Africa. To do so, we’re always thinking about what value we create for founders, on top of our capital investment. We’ve worked with the Reflector team since early 2023, and the move to acquire them is a testament to the work they’ve already done with our portfolio. We have incredibly ambitious long term growth plans and bringing in Klyne and his team will definitely expedite those,” Hanington said.
Maharaj and his wider team will join Baobab, with Maharaj assuming the role of director of the accelerator. This integration will enable Baobab to offer comprehensive in-house support to its portfolio companies, further enhancing their growth and investment readiness. Maharaj said he was enthusiastic about the synergies between the two entities.
“Our goal has always been to help the world’s best startups nail their positioning, win their markets, and raise capital to fuel their growth. Now, as part of Baobab, we’re excited to focus our efforts exclusively on supporting entrepreneurs in Africa. Baobab already has a phenomenal team that have made a profound impact on Africa’s venture ecosystem. Together, we’ll build the most powerful capabilities team of any early-stage investor on the continent,” he said.
