A List Of Freshly Launched VC Funds African Startups Can Pitch In 2024

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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/NINVESTOR/FUNDSIZE OF THE FUNDAVERAGE TICKET SIZES

(USD$)
TARGET SECTOR/MANDATELOCATIONS
1Mirova Gigaton Fund$282 million$5 million -$15 millionAfrica. 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
2African Innovation Fund (by Core DAO)$5 millionUp to $100,000Africa. Web3: gaming, stablecoins, cross-border payments, supply chain, real estate, DeFi-backed loans, credit rating systems, decentralized database/file storage, healthcare, NFTsVoorhees, United States
3Empire Partner Foundation’s (EPF) Tech Fund (by CEO Jacqueline Govender)$11 million $250,000 – $1 millionAfrica. 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
4Apis Growth Markets Fund III$500 million$60 million – $70 million Africa. Growth-Stage. FintechLondon, United Kingdom
5Innov Invest Fund (F2I) (by TAMWILCOM)Undisclosed (Backed by IFC; FMO, etc.)UndisclosedMorocco. Sector-agnostic.Centre d’affaires Bd Ar Ryad, Rabat, Morocco
6T-Vencubator Fund (by Reem Safy)UndisclosedUndisclosedEgypt. Sector-agnosticCairo, Cairo
7E4E Africa$30 millionUndisclosedAfrica. Fintech; Education. Job tech. e-health. Energy solutionsInnovation City Cape Town Darter Studios, Darter Road, Longkloof, Gardens Cape Town, 8001, Cape Town, 8001, South Africa
8Chui Ventures$9 millionUp to $100,000 and moreAfrica. Sector-agnosticNairobi, Kenya
9VestedWorld$10 millionUp to $500,000Africa. Pre-Series A and Series A. Sector-agnosticUSA: 222 W Merchandise Mart Plaza #1212, Chicago, IL 60654, USA;
Lagos, Nigeria.
Nairobi, Kenya

10Wic Capital$1 millionUndisclosedFemale-focused. Senegal. Cote D’Ivoire. Sector-agnostic168 Rue PE 17, Dakar, Senegal
11LeapFrog Investments$500 million $20-75 millionAfrica. Climate TechSouth 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
12EchoVC Eco Pilot Fund I$2.5 millionFrom $50,000Africa. Climate. Energy. Agriculture. Mobility.33, 31 Waziri Ibrahim Cres, Eti-Osa, Lagos 106104, Lagos, Nigeria.
13Saviu II Fund$13 million$500,000 – $3 millionFrancophone Africa. Seed to Series A; Fintech, Healthtech, Edtech, ClimateTech, and E-commerce.Paris, France.

Abidjan, Ivory Coast.
14Flat6Labs Seed Fund$95 million$150,000 – $500,000Africa. 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
15Norrsken22$205 millionUp to $10 millionAfrica. 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
16NClude Fintech Innovation Fund$105 million$500,000 – $5 millionEgypt. FintechAl Khatem Tower, ADGM Square, Al Maryah, UAE;

WeWork Hub71 DD14-124-006 & DD14-124-007, Abu Dhabi
17Africa Innovation & Healthcare Fund (“AHF2”) (By AAIC Investment)$87 million$200,000 – $5 millionAfrica. Series A & B Healthcare:  remote diagnosis; artificial intelligence (AI); diagnostics; pharmaceutical distribution. FinTech.InsurTech. Logistics180B Bencoolen Street, #05-02. The Bencoolen Office Tower, Singapore
18Titan 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
19Sony Innovation Fund: Africa (SIF: AF) (by Sony Ventures)$10 millionSouth 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.
20Sanari 3S Growth Fund (by Sanari Capital)$65 million$2 million – $13 millionSouth Africa. Growth Stage7th Floor, 90 Grayston Dr, Sandown, Sandton, 2196, South Africa
21Gaia Energy Impact Fund II (GEIF II) (by Gaia Impact)$42 million$500,000 – $5 millionAfrica. Renewable energy: decarbonized energy access, productive energy utilization, electric mobility, new energy solutions, and enabling technologies. 86 Bd de Sébastopol, 75003 Paris, France
22Secha Capital$15.6 million$700,000 – $1 millionSouthern Africa. Growth StageGlenhove Square, 71 4th St, Houghton Estate, Johannesburg, 2198, South Africa
23Joliba Capital Fund I$59 millionUndisclosedWestern and Central Africa Francophone countries. Growth StageAbidjan, Lagunes, Côte d’Ivoire
24Antler$60 million; $13.5 million$130,000 for 11% equityNorth Africa. East Africa. Early stageDubai, UAE; Riyadh, KSA; Nairobi Kenya
25Mirepa Investment Advisors Ltd$10.5 million $200,000  –  $2 millionGhana. Agribusiness/agroprocessing. Education. Healthcare. Financial services56 Nii Afrotse St, Accra, Ghana
26REdimension Capital$10.8 millionUndisclosedPropTech: property development, management, and engagement processes7 Herpo Road Randburg Randburg, GT 2196 South Africa
27Breega Africa Seed$53 million $500,000 – $15,000,000Africa. Seed. Series A. Sector-agnostic22 Rue De Palestro Paris 2 Île-De-France 75002, France
28Verod-Kepple Africa Ventures (VKAV)$60 million$1 million – $3 millionAfrica. Sector-agnostic. Particularly: ERP startups, embedded financial, future of work space. Series A and B6th Floor Heritage place, 21 Lugard Ave, Ikoyi, Lagos Ikoyi-Obalende LCDA, Ikoyi, Lagos 101233, Nigeria.
29Novastar Ventures People and Planet Fund III LP$200 million$500,000 million to $3,000,000Africa. 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.
30W23 Global (By Shoprite Group, and 3 others)$125 million UndisclosedGlobal. RetailTech6-8 Sackville Street, London, England, W1S 3DG
31UM6P VenturesUndisclosed$250,000 – $500,000Morocco. Moroccan Diaspora. DeepTechH8WP+9M8, Rue De La Lavande, Casablanca, Morocco
32AEOLUS SAS (by Toyota Tshusho$15 millionUndisclosedAfrica. Renewables. 57 Rue Yves Kermen92100 Boulogne-Billancourt, France
33Satgana$8.6 million$325,000Africa. ClimateTech. Mobility. Food and Agriculture. Energy. Industry. Buildings. Circular economy.18 rue Robert Stümper, L2577 Luxembourg, Grand Duchy of Luxembourg
344DX Ventures Fund III$100 million$100,000 -andaboveAfrica. Pre-Seed to Series B. EdTech. Enterprise software. Fintech, Healthcare. HealthTech. Software as a Service, Transport and logistics178 North 5th Street Suite 3N Brooklyn, NY, USA
35Janngo Capital$65 million$50, 000 – $5 million Africa. Francophone Africa. Healthcare. Education. Financial services57, Rue du Dr Blanchard, Abidjan, Cote D’ivoire
36P1 Ventures$50 million$250,000 – $2,500,000Africa. Fintech. Ecommerce. Fintech. Healthcare. Retail. Insurance. Food. Logistic technology companies. Seed, Pre-Series A, Series ACayman Limited, P.O. Box 10008,. Willow House, Cricket Square, Grand Cayman, KY1-1001,. Cayman Islands
37Partech Africa II fund$304.4 million$1 million – $15 millionAfrica. Seed to Series C. Sector-agnostic, including FinTech, HealthTech, logistics, and EdTech.Dakar. 442 Rue de Kaolack. Dakar Point E · Senegal
38Conducive Capital$50 millionUndisclosedAfrica. 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
39Ring Capital $50 millionUndisclosedAfrica. Sector-agnostic. Early StageAbidjan, Côte D’Ivoire
40Renew Venture Lab Fund 2Undisclosed$50,000 – $300,000Africa. Pre-seed. Sector agnosticAddis Ababa, Ethiopia
41Sawari Ventures$150 millionUp to $5,000,000Egypt. Fintech. Edtech. Healthtech. Cleantech. Deeptech. Multi StageOula, Al Giza, Giza Governorate 3726511, Egypt
42COTU Ventures$54 million$500,000 to $2 million. North Africa. Pre-seed. Seed. Follow-on investments. Sector-agnosticAl Wasl and Al Safa Road junction, accessible from Sheikh Zayed Road via Exit D71 towards Jumeirah. Dubai, U.A.E.
43MSA Capital$1 billionUndisclosedNorth Africa. Pre-IPOFortune Financial Center, Chaoyang District · Beijing, 100020 · China.
44DisrupTech Fund$36 millionUndisclosedEgypt. Sector-agnosticCapital Business Park B3 4th Floor, Sheikh Zayed City, Giza, Egypt.
45Seedstars Africa Ventures S.L.P. (SAV)USD 75 million$250,000 – $2,000,000Africa. 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
46Modern Cooking Facility for Africa (MCFA)$17.5 millionUndisclosedAfrica. Clean TechP.O. Box 241. FI-00171 Helsinki, Finland
47Flourish Ventures$350 million$2 million – $7 millionAfrica. Fintech140 South Park Street · San Francisco, CA 94107 United States.
48Energy Go-Getters Fund (By Southbridge Investments)$100 millionUndisclosedAfrica. Renewables. Cleantech23 Rue d’Anjou 75008 Paris, France
49Enza Capital$58 million$250,000 – $5 millionAfrica. Sector-agnostic. fintech, logistics, health, human capital, and climate techEnza Capital 7th Floor, The Address Muthangari Drive, Waiyaki Wy, Nairobi, Kenya
50Catalyst Fund$40 million$200,000 – $1.5 millionAfrica. 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.
51Founders Factory Africa$114 million$100,000 – $300,000Africa. Idea. Pre-Seed. Seed stages. Sector Agnostic19 Ameshoff Street 2001 Johannesburg South Africa
52Knife Capital (International) Fund III$50 million$600,000 – $8 millionAfrica. Series B. Series A. Platform Businesses. Software.Tech-enabled business services. FinTech Black River Park, Fir St, Observatory, Cape Town, 7925, South Africa
53uMunthu II (by Goodwell Investments and Alitheia Capital)$60 millionUndisclosedAfrica. Sector-agnostic. Multi-Stage. Financial inclusion. Digital inclusion. Mobility and Logistics.Herengracht 201; 1016 BE Amsterdam, The Netherlands
54Digital Africa$32 million$180,000 –$640,000Francophone Africa. Early Stages. Sector Agnostic.Liberte Living-Lab 9 Rue d’Alexandrie, 75002 Paris, France
55Seedstars Youth Wellbeing Ventures$20 milion$250,000 –$500,000Africa, 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
56Transform Health Fund (THF) (by AfricInvest)$50 millionUndisclosedAfrica: East, Southern, and Francophone West Africa; Blended FinanceTunis, Tunisia
57E3 Low Carbon Economy Fund for Africa (by E3 Capital)$48 million$500,000 – $3 millionAfrica. Seed. Series A. Agritech. Climate-TechValley View Office Park, Tower A, 3rd Floor City Park Drive, Nairobi Kenya
58Venture Capital Fund of Funds (by SA SME Fund)$31 million UndisclosedSouth Africa. Growth StageBlock A, Eton Rd, Sandhurst, Johannesburg, South Africa, 2196.
59Launch Africa$75 millionUp to $1 millionAfrica. Sector Agnostic6th Floor, GFin Tower 42. Hotel Street, CyberCity. Ebene, 72201. Mauritius.
60Global South Fund II (by Capria Ventures)$100 million$10 million  – $30 millionAfrica. Series B. Agtech / Food. Climate. E-commerce. Edtech. Fintech. Healthtech. Mobility / Logistics.1200 Westlake Ave N Suite 510, Seattle, WA 98109, USA
61Equator$40 million$1 million – $4 millionAfrica. Renewables. Energy. Agriculture. Mobility. Seed. Series A71 Church Road Nairobi, Kenya
62CDG Invest (by Caisse de Dépôt et de Gestion Group)Undisclosed$700,000 –$1 millionMorocco. Seed. Series A. Sector-agnostic101 Boulevard Al Massira Al Khadra, 1er Etage, Casablanca 20100, Morocco
63Pepea Fund (by Oxfam Novib and Goodwell Investments) $21.7 million$100,000 and $500,000Kenya. Uganda. Ethiopia. Sustainable agriculture. Energy. Clean mobility. Logistics. Waste management Herengracht 201; 1016 BE Amsterdam, The Netherlands
64Camel Ventures for Investment I$16 millionUndisclosedEgypt. Equity at  Seed State. Debt at Growth Stage. FintechCairo, Egypt
65EchoVC Chain (by EchoVC)$8 million From $50,000Africa. Blockchain33, 31 Waziri Ibrahim Cres, Eti-Osa, Lagos 106104, Lagos, Nigeria.
66Co-Creation Hub (CcHub)$15 million$100,000 – AboveAfrica. Sector-agnostic294 Herbert Macaulay Wy, Sabo Yaba, Lagos 101245, Lagos
67Startup Wise Guys$26.7 million$50,000 – $300,000Africa. SaaS. Fintech, Cybersecurity. Sustainability. Cloud technologies. Artificial IntelligenceEndla 16, Tallinn, Harjumaa, Estonia.
68Lendable Group$110 millionUndisclosedAfrica. Debt. FintechTelephone House, 69-77 Paul St, London EC2A 4NW, United Kingdom
69Algeria Venture$80 million UndisclosedAlgeria. Multi Stage. Sector-agnosticDounia Parc, Dely Ibrahim 16000, Algeria
70Beyond Capital Ventures$30 million$100,000 –$1 million Africa. Sector agnostic, including healthcare, financial inclusion, and climate adaption solutions25 Highland Park Vlg Suite 100-317 Dallas, TX 75205 United States
71Maroc Numeric Fund IIUndisclosed$400,000 – $4 millionMorocco Diaspora. Sector-agnostic, including Fintech, EdTech, LegalTech, and AI sectors. Technopark, Casablanca, Morocco
72Kazana Fund$100 million$100,000 – $500,000Ethiopia. Sector-agnostic. Multi-stageAddis Ababa, Ethiopia
73Susa Ventures$375 million$1 million – $15 millionAfrica. 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

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Investor Focus: Key Sectors Drawing Attention 

Recent fund launches spotlight several pivotal sectors, with notable emphasis on:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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:

  1. United States
  2. South Africa
  3. France
  4. United Kingdom
  5. Morocco

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