Foondamate on WeFunder | Deal Memo

Jun 6, 2021 2 min read
Invest in đź“šFoondaMate: Giving internet access to students in developing countries | Wefunder
Giving internet access to students in developing countries

Company Overview

Problem Addressed: Only 7.7% of african households have a computer/internet connection because 1GB of mobile data costs 10% of the average family income in sub-saharan Africa.

The Product: Since WhatsApp opened up their API, students can use FoondaMata to search, define, solve basic maths equations and download relevant question sets.

I attended an under-resourced school in South Africa. I was the only student in the school with access to a laptop. I graduated top of my class and was the first student from the school ever to be accepted into Africa's top university. This is because I had access to more resources, and I want this to be the case for all students.

Dacod Magaula, CEO

Deal Terms

  • Security: SAFE
  • Valuation Cap: $7,000,000
  • Min. Investment: $100

(Data as of June 2021.)

Foondamate: WeFunder Campaign Highlights

1) 100k Users in the 8 months since launch

2) Used in 10+ countries, and scaling quickly

3) Featured in TrendWatching's list of most impactful innovations for 2021

4) Participated in Cohort 4 of Wefunder's XX Accelerator ($50k investment)

5) High social impact value - enable students from developing countries to study online

6) Diverse founding team (female founder, black founder)

Did I Invest In Foondamate?

I’m still in the process of writing a full deal report and decide whether or not I will invest in Foondamate on WeFunder. At Angel Notes, I review 100+ pitches on 10+ platforms every month and send a detailed report every Saturday to subscribers of the Angel Notes newsletter (you can join through the form below). See you soon!

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