 investments gain momentum in 2024, understanding which firms are actively funding African startups becomes crucial){kind=link}
As venture capital (VC) investments gain momentum this year, understanding which firms are actively funding African startups becomes crucial for entrepreneurs embarking on their pitching journey. Here’s a curated list of recently launched venture capital funds on the continent, with a focus on those established between January 2023 and April 2024:
| S/N | INVESTOR/FUND | SIZE OF THE FUND | AVERAGE TICKET SIZES (USD$) | TARGET SECTOR/MANDATE | LOCATIONS |
|---|---|---|---|---|---|
| 1 | Mirova Gigaton Fund | $282 million | $5 million -$15 million | Africa. Renewable Energy: Solar home systems, agri-solar, commercial and industrial solar, telecom tower solarization, mini-grids, and emerging areas such as e-mobility, battery storage, climate-smart food systems, energy efficiency, and carbon credit pre-financing. | 59 Avenue Pierre Mendès 75013 Paris France |
| 2 | African Innovation Fund (by Core DAO) | $5 million | Up to $100,000 | Africa. Web3: gaming, stablecoins, cross-border payments, supply chain, real estate, DeFi-backed loans, credit rating systems, decentralized database/file storage, healthcare, NFTs | Voorhees, United States |
| 3 | Empire Partner Foundation’s (EPF) Tech Fund (by CEO Jacqueline Govender) | $11 million | $250,000 – $1 million | Africa. Education; Healthcare; Unemployment; Climate. Every portfolio firm must achieve the basic criteria of adopting Artificial Intelligence (AI) into its operations. | 35 Ferguson Rd, Illovo Sandton, South Africa |
| 4 | Apis Growth Markets Fund III | $500 million | $60 million – $70 million | Africa. Growth-Stage. Fintech | London, United Kingdom |
| 5 | Innov Invest Fund (F2I) (by TAMWILCOM) | Undisclosed (Backed by IFC; FMO, etc.) | Undisclosed | Morocco. Sector-agnostic. | Centre d’affaires Bd Ar Ryad, Rabat, Morocco |
| 6 | T-Vencubator Fund (by Reem Safy) | Undisclosed | Undisclosed | Egypt. Sector-agnostic | Cairo, Cairo |
| 7 | E4E Africa | $30 million | Undisclosed | Africa. Fintech; Education. Job tech. e-health. Energy solutions | Innovation City Cape Town Darter Studios, Darter Road, Longkloof, Gardens Cape Town, 8001, Cape Town, 8001, South Africa |
| 8 | Chui Ventures | $9 million | Up to $100,000 and more | Africa. Sector-agnostic | Nairobi, Kenya |
| 9 | VestedWorld | $10 million | Up to $500,000 | Africa. Pre-Series A and Series A. Sector-agnostic | USA: 222 W Merchandise Mart Plaza #1212, Chicago, IL 60654, USA; Lagos, Nigeria. Nairobi, Kenya |
| 10 | Wic Capital | $1 million | Undisclosed | Female-focused. Senegal. Cote D’Ivoire. Sector-agnostic | 168 Rue PE 17, Dakar, Senegal |
| 11 | LeapFrog Investments | $500 million | $20-75 million | Africa. Climate Tech | South Africa: 1 Melrose Boulevard, Johannesburg, Johannesburg, 2196, South Africa. Mauritius: The Axis, 26 Bank Street, Cybercity, Ebene 72201, Mauritius UK: 11 Bressenden Place, London, England SW1E 5BY, GB |
| 12 | EchoVC Eco Pilot Fund I | $2.5 million | From $50,000 | Africa. Climate. Energy. Agriculture. Mobility. | 33, 31 Waziri Ibrahim Cres, Eti-Osa, Lagos 106104, Lagos, Nigeria. |
| 13 | Saviu II Fund | $13 million | $500,000 – $3 million | Francophone Africa. Seed to Series A; Fintech, Healthtech, Edtech, ClimateTech, and E-commerce. | Paris, France. Abidjan, Ivory Coast. |
| 14 | Flat6Labs Seed Fund | $95 million | $150,000 – $500,000 | Africa. Sector-agnostic. Fintechs. Health tech. Logistics. Mobility. Clean tech. Agtech. Retail. E-commerce startups. Pre-Seed to Pre-Series A. | 1 Floor, Flat 6, Street 2, Al Giza, Giza Governorate, Egypt |
| 15 | Norrsken22 | $205 million | Up to $10 million | Africa. Series A and B. Follow-on Investments. Fintech. Edtech. Medtech (health tech), etc. | Birger Jarlsgatan 57 C, 113 56, Stockholm, Sweden; Norrsken House Kigali, KN, 78 St, Kigali, Rwanda |
| 16 | NClude Fintech Innovation Fund | $105 million | $500,000 – $5 million | Egypt. Fintech | Al Khatem Tower, ADGM Square, Al Maryah, UAE; WeWork Hub71 DD14-124-006 & DD14-124-007, Abu Dhabi |
| 17 | Africa Innovation & Healthcare Fund (“AHF2”) (By AAIC Investment) | $87 million | $200,000 – $5 million | Africa. Series A & B Healthcare: remote diagnosis; artificial intelligence (AI); diagnostics; pharmaceutical distribution. FinTech.InsurTech. Logistics | 180B Bencoolen Street, #05-02. The Bencoolen Office Tower, Singapore |
| 18 | Titan Seed Fund I (by Anava Fund) | $10.5 million | $300,000 – 700,000 | Tunisia. Seed Stage. Deep Tech. | Immeuble Saphir, Avenue du Dinar; Les Berges du Lac 2; Tunis, 1053; Tunisia |
| 19 | Sony Innovation Fund: Africa (SIF: AF) (by Sony Ventures) | $10 million | South Africa, Kenya, Nigeria, and Ghana. Early Stage. Entertainment: gaming, music, film, and content distribution. | 1-7-1 Minato Minami, Minato-ku · Tokyo, 108-0075 · Japan. | |
| 20 | Sanari 3S Growth Fund (by Sanari Capital) | $65 million | $2 million – $13 million | South Africa. Growth Stage | 7th Floor, 90 Grayston Dr, Sandown, Sandton, 2196, South Africa |
| 21 | Gaia Energy Impact Fund II (GEIF II) (by Gaia Impact) | $42 million | $500,000 – $5 million | Africa. Renewable energy: decarbonized energy access, productive energy utilization, electric mobility, new energy solutions, and enabling technologies. | 86 Bd de Sébastopol, 75003 Paris, France |
| 22 | Secha Capital | $15.6 million | $700,000 – $1 million | Southern Africa. Growth Stage | Glenhove Square, 71 4th St, Houghton Estate, Johannesburg, 2198, South Africa |
| 23 | Joliba Capital Fund I | $59 million | Undisclosed | Western and Central Africa Francophone countries. Growth Stage | Abidjan, Lagunes, Côte d’Ivoire |
| 24 | Antler | $60 million; $13.5 million | $130,000 for 11% equity | North Africa. East Africa. Early stage | Dubai, UAE; Riyadh, KSA; Nairobi Kenya |
| 25 | Mirepa Investment Advisors Ltd | $10.5 million | $200,000 – $2 million | Ghana. Agribusiness/agroprocessing. Education. Healthcare. Financial services | 56 Nii Afrotse St, Accra, Ghana |
| 26 | REdimension Capital | $10.8 million | Undisclosed | PropTech: property development, management, and engagement processes | 7 Herpo Road Randburg Randburg, GT 2196 South Africa |
| 27 | Breega Africa Seed | $53 million | $500,000 – $15,000,000 | Africa. Seed. Series A. Sector-agnostic | 22 Rue De Palestro Paris 2 Île-De-France 75002, France |
| 28 | Verod-Kepple Africa Ventures (VKAV) | $60 million | $1 million – $3 million | Africa. Sector-agnostic. Particularly: ERP startups, embedded financial, future of work space. Series A and B | 6th Floor Heritage place, 21 Lugard Ave, Ikoyi, Lagos Ikoyi-Obalende LCDA, Ikoyi, Lagos 101233, Nigeria. |
| 29 | Novastar Ventures People and Planet Fund III LP | $200 million | $500,000 million to $3,000,000 | Africa. Sector-agnostic: e-mobility, agriculture, renewable energy, logistics, fintech, affordable housing, retail, and consumer goods. | 21-27 Lambs Conduit Street, London WC1N 3GS, United Kingdom. |
| 30 | W23 Global (By Shoprite Group, and 3 others) | $125 million | Undisclosed | Global. RetailTech | 6-8 Sackville Street, London, England, W1S 3DG |
| 31 | UM6P Ventures | Undisclosed | $250,000 – $500,000 | Morocco. Moroccan Diaspora. DeepTech | H8WP+9M8, Rue De La Lavande, Casablanca, Morocco |
| 32 | AEOLUS SAS (by Toyota Tshusho | $15 million | Undisclosed | Africa. Renewables. | 57 Rue Yves Kermen92100 Boulogne-Billancourt, France |
| 33 | Satgana | $8.6 million | $325,000 | Africa. ClimateTech. Mobility. Food and Agriculture. Energy. Industry. Buildings. Circular economy. | 18 rue Robert Stümper, L2577 Luxembourg, Grand Duchy of Luxembourg |
| 34 | 4DX Ventures Fund III | $100 million | $100,000 -andabove | Africa. Pre-Seed to Series B. EdTech. Enterprise software. Fintech, Healthcare. HealthTech. Software as a Service, Transport and logistics | 178 North 5th Street Suite 3N Brooklyn, NY, USA |
| 35 | Janngo Capital | $65 million | $50, 000 – $5 million | Africa. Francophone Africa. Healthcare. Education. Financial services | 57, Rue du Dr Blanchard, Abidjan, Cote D’ivoire |
| 36 | P1 Ventures | $50 million | $250,000 – $2,500,000 | Africa. Fintech. Ecommerce. Fintech. Healthcare. Retail. Insurance. Food. Logistic technology companies. Seed, Pre-Series A, Series A | Cayman Limited, P.O. Box 10008,. Willow House, Cricket Square, Grand Cayman, KY1-1001,. Cayman Islands |
| 37 | Partech Africa II fund | $304.4 million | $1 million – $15 million | Africa. Seed to Series C. Sector-agnostic, including FinTech, HealthTech, logistics, and EdTech. | Dakar. 442 Rue de Kaolack. Dakar Point E · Senegal |
| 38 | Conducive Capital | $50 million | Undisclosed | Africa. Seed. Growth Stage. Post-revenue. Capital efficiency. Robust unit economics. | Clearwater Office Park Building 4, 1st Floor Corner of Christiaan De Wet and Millennium Boulevard Roodepoort, Gauteng, 1735, South Africa |
| 39 | Ring Capital | $50 million | Undisclosed | Africa. Sector-agnostic. Early Stage | Abidjan, Côte D’Ivoire |
| 40 | Renew Venture Lab Fund 2 | Undisclosed | $50,000 – $300,000 | Africa. Pre-seed. Sector agnostic | Addis Ababa, Ethiopia |
| 41 | Sawari Ventures | $150 million | Up to $5,000,000 | Egypt. Fintech. Edtech. Healthtech. Cleantech. Deeptech. Multi Stage | Oula, Al Giza, Giza Governorate 3726511, Egypt |
| 42 | COTU Ventures | $54 million | $500,000 to $2 million. | North Africa. Pre-seed. Seed. Follow-on investments. Sector-agnostic | Al Wasl and Al Safa Road junction, accessible from Sheikh Zayed Road via Exit D71 towards Jumeirah. Dubai, U.A.E. |
| 43 | MSA Capital | $1 billion | Undisclosed | North Africa. Pre-IPO | Fortune Financial Center, Chaoyang District · Beijing, 100020 · China. |
| 44 | DisrupTech Fund | $36 million | Undisclosed | Egypt. Sector-agnostic | Capital Business Park B3 4th Floor, Sheikh Zayed City, Giza, Egypt. |
| 45 | Seedstars Africa Ventures S.L.P. (SAV) | USD 75 million | $250,000 – $2,000,000 | Africa. Underserved markets. Sector agnostic, including fintech, insurtech, retail sales, logistics platforms, health technologies, pre-paid off-grid energy, and technology adoption in the food-processing industry and value chains. | Paris, France |
| 46 | Modern Cooking Facility for Africa (MCFA) | $17.5 million | Undisclosed | Africa. Clean Tech | P.O. Box 241. FI-00171 Helsinki, Finland |
| 47 | Flourish Ventures | $350 million | $2 million – $7 million | Africa. Fintech | 140 South Park Street · San Francisco, CA 94107 United States. |
| 48 | Energy Go-Getters Fund (By Southbridge Investments) | $100 million | Undisclosed | Africa. Renewables. Cleantech | 23 Rue d’Anjou 75008 Paris, France |
| 49 | Enza Capital | $58 million | $250,000 – $5 million | Africa. Sector-agnostic. fintech, logistics, health, human capital, and climate tech | Enza Capital 7th Floor, The Address Muthangari Drive, Waiyaki Wy, Nairobi, Kenya |
| 50 | Catalyst Fund | $40 million | $200,000 – $1.5 million | Africa. Climatech: agtech, insurtech, climate fintech, as well as startups specializing in fishery management, food systems, cold chain logistics, waste management, and water management. | Riverside Green Suites, Acacia Suite, Fl 2, Nairobi, Kenya. |
| 51 | Founders Factory Africa | $114 million | $100,000 – $300,000 | Africa. Idea. Pre-Seed. Seed stages. Sector Agnostic | 19 Ameshoff Street 2001 Johannesburg South Africa |
| 52 | Knife Capital (International) Fund III | $50 million | $600,000 – $8 million | Africa. Series B. Series A. Platform Businesses. Software.Tech-enabled business services. FinTech | Black River Park, Fir St, Observatory, Cape Town, 7925, South Africa |
| 53 | uMunthu II (by Goodwell Investments and Alitheia Capital) | $60 million | Undisclosed | Africa. Sector-agnostic. Multi-Stage. Financial inclusion. Digital inclusion. Mobility and Logistics. | Herengracht 201; 1016 BE Amsterdam, The Netherlands |
| 54 | Digital Africa | $32 million | $180,000 –$640,000 | Francophone Africa. Early Stages. Sector Agnostic. | Liberte Living-Lab 9 Rue d’Alexandrie, 75002 Paris, France |
| 55 | Seedstars Youth Wellbeing Ventures | $20 milion | $250,000 –$500,000 | Africa, particularly: Tanzania, Ghana, Senegal, Morocco, and Egypt. Sector agnostic, including health services, environmental sustainability, local food security, water and sanitation, waste management, digital technologies, quality education, access to employment, financial services, safe transportation, and affordable housing. | St. Alban-Vorstadt 56 4052 Basel Switzerland |
| 56 | Transform Health Fund (THF) (by AfricInvest) | $50 million | Undisclosed | Africa: East, Southern, and Francophone West Africa; Blended Finance | Tunis, Tunisia |
| 57 | E3 Low Carbon Economy Fund for Africa (by E3 Capital) | $48 million | $500,000 – $3 million | Africa. Seed. Series A. Agritech. Climate-Tech | Valley View Office Park, Tower A, 3rd Floor City Park Drive, Nairobi Kenya |
| 58 | Venture Capital Fund of Funds (by SA SME Fund) | $31 million | Undisclosed | South Africa. Growth Stage | Block A, Eton Rd, Sandhurst, Johannesburg, South Africa, 2196. |
| 59 | Launch Africa | $75 million | Up to $1 million | Africa. Sector Agnostic | 6th Floor, GFin Tower 42. Hotel Street, CyberCity. Ebene, 72201. Mauritius. |
| 60 | Global South Fund II (by Capria Ventures) | $100 million | $10 million – $30 million | Africa. Series B. Agtech / Food. Climate. E-commerce. Edtech. Fintech. Healthtech. Mobility / Logistics. | 1200 Westlake Ave N Suite 510, Seattle, WA 98109, USA |
| 61 | Equator | $40 million | $1 million – $4 million | Africa. Renewables. Energy. Agriculture. Mobility. Seed. Series A | 71 Church Road Nairobi, Kenya |
| 62 | CDG Invest (by Caisse de Dépôt et de Gestion Group) | Undisclosed | $700,000 –$1 million | Morocco. Seed. Series A. Sector-agnostic | 101 Boulevard Al Massira Al Khadra, 1er Etage, Casablanca 20100, Morocco |
| 63 | Pepea Fund (by Oxfam Novib and Goodwell Investments) | $21.7 million | $100,000 and $500,000 | Kenya. Uganda. Ethiopia. Sustainable agriculture. Energy. Clean mobility. Logistics. Waste management | Herengracht 201; 1016 BE Amsterdam, The Netherlands |
| 64 | Camel Ventures for Investment I | $16 million | Undisclosed | Egypt. Equity at Seed State. Debt at Growth Stage. Fintech | Cairo, Egypt |
| 65 | EchoVC Chain (by EchoVC) | $8 million | From $50,000 | Africa. Blockchain | 33, 31 Waziri Ibrahim Cres, Eti-Osa, Lagos 106104, Lagos, Nigeria. |
| 66 | Co-Creation Hub (CcHub) | $15 million | $100,000 – Above | Africa. Sector-agnostic | 294 Herbert Macaulay Wy, Sabo Yaba, Lagos 101245, Lagos |
| 67 | Startup Wise Guys | $26.7 million | $50,000 – $300,000 | Africa. SaaS. Fintech, Cybersecurity. Sustainability. Cloud technologies. Artificial Intelligence | Endla 16, Tallinn, Harjumaa, Estonia. |
| 68 | Lendable Group | $110 million | Undisclosed | Africa. Debt. Fintech | Telephone House, 69-77 Paul St, London EC2A 4NW, United Kingdom |
| 69 | Algeria Venture | $80 million | Undisclosed | Algeria. Multi Stage. Sector-agnostic | Dounia Parc, Dely Ibrahim 16000, Algeria |
| 70 | Beyond Capital Ventures | $30 million | $100,000 –$1 million | Africa. Sector agnostic, including healthcare, financial inclusion, and climate adaption solutions | 25 Highland Park Vlg Suite 100-317 Dallas, TX 75205 United States |
| 71 | Maroc Numeric Fund II | Undisclosed | $400,000 – $4 million | Morocco Diaspora. Sector-agnostic, including Fintech, EdTech, LegalTech, and AI sectors. | Technopark, Casablanca, Morocco |
| 72 | Kazana Fund | $100 million | $100,000 – $500,000 | Ethiopia. Sector-agnostic. Multi-stage | Addis Ababa, Ethiopia |
| 73 | Susa Ventures | $375 million | $1 million – $15 million | Africa. Seed. Series B and C. Sector-agnostic, including fintech, healthcare, supply chain, and software-as-a-service. | 660 York St Suite 201, San Francisco, CA 94110, USA |
Investor Focus: Key Sectors Drawing Attention
Recent fund launches spotlight several pivotal sectors, with notable emphasis on:
- Fintech: Leading the pack is the financial technology domain, witnessing substantial interest from freshly minted funds. Digital payment innovations, lending platforms, and blockchain solutions are reshaping financial services, buoyed by recent successes and exits.
- Healthcare/HealthTech: Startups specializing in telemedicine, diagnostics, and health information systems are capturing significant investor attention, recognizing technology’s pivotal role in enhancing healthcare access and outcomes.
- Renewable Energy: Sustainable energy projects — solar, wind, and hydroelectric — are gaining momentum, addressing environmental concerns while bridging energy access gaps. Investors acknowledge the dual benefits of sustainability amid prevailing global investment trends.
- Climate/Clean Tech: Urgent global issues like climate change resilience and environmental sustainability drive focus toward startups engaged in clean technologies, waste management, and eco-friendly solutions, positioning them as prime targets for newly established fund managers.
- Logistics/Mobility: African startups catering to logistics, last-mile delivery, and mobility services are also making waves. Investors recognize their pivotal role in bolstering trade, connectivity, and urban mobility — a critical need across the continent.
- Sector-agnostic: Beyond specific sectors, newly launched funds exhibit interest in ventures leveraging artificial intelligence, data analytics, or IoT. Their adaptability and potential for cross-sector impact make them compelling investment prospects.
Investment Focus: Targeted Stages of Development
In terms of development stages, newly launched funds exhibit a clear emphasis on:
- Series A: Predominantly targeting Series A ventures, these funds aim to support startups poised for international expansion. This strategic focus underscores a commitment to investing at a relatively less risky phase of development.
- Seed Stage: Following Series A, significant attention is devoted to startups at the seed stage, indicative of ongoing investor interest in nurturing early-stage ventures toward viability and substantial returns.
- Series B and C: Considerable focus also lies on Series B and C funding targets, signaling growing investor confidence in supporting more established businesses poised for rapid growth.
- Pre-Seed: Conversely, pre-seed startups receive comparatively less attention, hinting at a trend toward greater risk aversion among investors, particularly regarding very early-stage startups. This shift may stem from funding challenges faced by both investors and startups alike.
It’s worth noting that these preferences reflect the stated focus areas of the funds rather than actual investment allocations at this stage.
Where Are Most of the Newly Launched Funds Located?
The majority of recently established funds are headquartered or located in the following countries, listed in descending order:
- United States
- South Africa
- France
- United Kingdom
- Morocco
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