Early-stage startups across Africa are benefiting from a wave of venture capital firms (VCs) providing smaller, yet highly impactful, seed investments. These investors are more than just funders; they bring valuable mentorship, industry connections, and strategic guidance crucial for scaling young businesses. This profile highlights the key players shaping Africa’s startup ecosystem.
Baobab Network
Baobab Network, an accelerator founded in 2015 by Tom Fairburn and Toby Hanington, stands out for its sector-agnostic approach. With a $100,000 equity investment per startup, Baobab has supported ventures across 16 African countries. The program combines capital with comprehensive mentorship and a global network, helping startups secure follow-on funding. Alumni include Terminal Africa Inc., Triply.co, and Hadi Finance, among others. To date, Baobab-backed startups have raised $60 million from renowned investors like Y Combinator, Accion Venture Lab, and Future Africa.
Renew Capital
Renew Capital, based in Addis Ababa, Ethiopia, manages Fund 2 with ticket sizes ranging from $50,000 to $300,000. This sector-agnostic fund targets pre-seed startups across Africa, offering tailored support to help them navigate early challenges. Renew’s focus on creating high-impact ventures in underserved markets underscores its value as an ecosystem enabler.
Pepea Fund
A collaboration between Oxfam Novib and Goodwell Investments, Pepea Fund is a $21.7 million initiative that provides ticket sizes between $100,000 and $500,000. It focuses on Kenya, Uganda, and Ethiopia, investing in sectors like sustainable agriculture, clean energy, and logistics. With a base in Amsterdam, Pepea’s investments emphasize sustainable development in East Africa.
Co-Creation Hub (CcHub)
With a $15 million fund and ticket sizes starting at $100,000, CcHub operates from Lagos, Nigeria, as a sector-agnostic investor. It offers a combination of funding, workspace, and advisory services to African startups. CcHub has built a reputation for fostering innovation across the continent, particularly in education, healthcare, and digital security.
Startup Wise Guys
Headquartered in Tallinn, Estonia, Startup Wise Guys manages a $26.7 million fund with ticket sizes between $50,000 and $300,000. The fund targets SaaS, fintech, and cybersecurity startups across Africa. Known for its structured acceleration programs, Startup Wise Guys brings European rigor to African investments.
Kazana Fund
With a fund size of $100 million, Kazana Fund targets Ethiopian and African startups at various stages, offering checks between $100,000 and $500,000. Its multi-stage, sector-agnostic approach positions it as a cornerstone investor in Ethiopia’s growing tech ecosystem.
54 Collective
Formerly Founders Factory Africa, 54 Collective focuses on early-stage startups across the continent. Offering ticket sizes of $200,000 to $300,000, the fund operates from Johannesburg, South Africa. Its support extends beyond capital, including tailored programs to help startups reach Series A funding stages.
MFounders
Based in Paris, MFounders focuses on Moroccan startups, offering ticket sizes between $50,000 and $500,000. The fund’s early-stage focus has made it a key player in Morocco’s startup ecosystem, driving growth in sectors like fintech and e-commerce.
Innovate Africa
With a modest fund size of $2.5 million, Innovate Africa’s $50,000 checks target early-stage startups across sectors. Operating out of Lagos, Nigeria, and Virginia, USA, the fund provides critical support to emerging entrepreneurs.
Openseed
London-based Openseed manages a $10 million fund, offering $150,000 checks to early-stage African startups. Its strategic investments emphasize scalable ventures that address pressing challenges across the continent.
Flat6Labs Tunisia Seed Fund II
Flat6Labs’ Tunisia Seed Fund II provides ticket sizes between $63,000 and $255,000 to early-stage startups. Headquartered in Tunis, the fund has been instrumental in fostering innovation within Tunisia’s tech ecosystem.
Glint Fund II
Egypt’s Glint Fund II manages $3 million in seed and Series A funding, providing checks between $250,000 and $500,000. Based in Cairo, the fund supports startups in the region’s thriving tech sector.
Witamax Fund II
Focused on Morocco, Witamax Fund II invests $200,000 to $400,000 in early-stage startups. Its localized approach helps Moroccan entrepreneurs navigate market-specific challenges while scaling their ventures.
Capsa Capital
Tunisia-based Capsa Capital manages a $15 million fund, offering $200,000 to $500,000 for early-stage startups. The fund targets ventures with high growth potential, particularly those addressing local challenges.
Fuzé by Digital Africa
With $6.5 million under management, Fuzé by Digital Address targets Francophone Africa, offering checks of $50,000 to $100,000. Operating from Paris, the fund prioritizes tech startups with sustainable business models.
Mstudio/Ring Capital
Operating in Francophone West Africa, Mstudio and Ring Capital’s €50 million fund provides ticket sizes of up to $250,000. Headquartered in Abidjan, the fund has been pivotal in nurturing early-stage innovation.
Launch Africa Ventures
Mauritius-based Launch Africa Ventures manages a $36.3 million fund with checks ranging from $250,000 to $300,000. It focuses on seed and pre-Series A investments, emphasizing scalable solutions across Africa.
The Catalyst Fund
The Catalyst Fund offers ticket sizes of up to $100,000 and more, focusing on climate tech ventures across Africa. 1 They are located at Riverside Green Suites, Acacia Suite, Floor 2, in Nairobi, Kenya. 2
The Bottom Line
The tech investment landscape in Africa is rapidly evolving, with small-check VCs playing an outsized role in nurturing early-stage innovation. These funds not only provide capital but also deliver critical support that propels startups toward growth and success. As these VCs continue to scale their operations, their contributions will remain vital to shaping the future of tech on the continent.
Access the full dataset HERE.