Alter VC, a venture capital firm focused on emerging markets, is raising a $30 million fund to support early-stage startups in Nigeria, Kenya, and Egypt. The firm, which began as a nonprofit entrepreneurial support organization nine years ago, has already raised nearly $5 million of the fund, according to its latest regulatory filing.

The fund will provide investments ranging from $200,000 to $500,000, primarily targeting startups in Pre-Seed, Seed, and Series A financing rounds. Alter’s goal is to identify and support high-potential entrepreneurs building innovative solutions in sectors such as financial services, commerce, logistics, and education.

Alter’s latest fund is part of its broader strategy to tap into the growing potential of startups in emerging markets, including South and Southeast Asia, Latin America, and the Middle East. However, this new fund places a clear emphasis on Africa, particularly Nigeria, Kenya, and Egypt, three of the continent’s most dynamic startup ecosystems.

In these markets, Alter is looking to back founders with what it calls “A+” characteristics: integrity, vision, and the ability to create businesses that drive socio-economic development. “This is not impact investing,” Alter VC notes. “This is venture capital with a higher purpose.” The firm believes that by backing bold tech founders, it can catalyze a ripple effect of growth that goes beyond individual success stories.

Alter has already made a name for itself as a player in the global venture capital space. Since 2020, the firm has invested around $9 million in 18 companies across emerging markets, achieving a 2.6x multiple on invested capital (MOIC). It also doubled down on some of its highest-conviction companies, deploying another $6 million in follow-on capital and achieving an overall 2.3x MOIC on these investments.

In November 2021, Alter launched a Rolling Fund, raising $14.3 million over the past 11 quarters and backing 21 companies. In total, Alter has supported 34 startups, and many of these companies have gone on to attract follow-on investments from world-renowned firms like Sequoia Capital, Andreessen Horowitz, and Lightspeed.

Nigeria, Kenya, and Egypt have rapidly grown as startup hubs, attracting increasing amounts of venture capital over the past few years. Alter’s decision to focus on these markets reflects the firm’s belief that these countries will produce some of the world’s most influential tech companies in the coming decade.

Nigeria, Africa’s largest economy, has become a hotbed for fintech and e-commerce startups, while Kenya has established itself as a leader in mobile payments and agritech innovation. Egypt, with its large population and burgeoning tech scene, has also seen substantial growth in venture activity, particularly in logistics and digital services.

By investing in these ecosystems, Alter hopes to identify category-defining companies that can scale across the continent and beyond. The firm’s local presence in Cairo, coupled with its deep connections in the broader African startup community, will play a key role in identifying and supporting promising ventures. Already the VC firm has invested in African startups such as Nigeria’s Kippa, Nestcoin as well as in Egypt’s Flextock and Amenli

Led by Jesse Sullivan, a Stanford MBA and former U.S. Department of Defense advisor, Alter is positioning itself as a venture firm for the next generation of entrepreneurs. The firm prides itself on being more than just a source of capital, offering hands-on support to help founders build their products, hire talent, and scale their businesses.

Through its Alter Fellows program, the firm has sent over 100 professionals from companies like Google, Facebook, and McKinsey to work directly with its portfolio companies. This has fostered close partnerships with founders, enabling Alter to play an active role in their success.

With the new $30 million fund, Alter aims to deepen these relationships, particularly in Africa. The firm’s commitment to being “true partners” has earned it a Net Promoter Score (NPS) of 91 from its portfolio companies, and it intends to maintain this reputation as it expands its investments on the continent.

As emerging markets continue to grow, Alter VC believes its focus on Africa and other high-potential regions will pay off. The firm’s investment thesis is rooted in the idea that the next decade’s unicorns will come from outside traditional tech hubs like Silicon Valley. By 2030, Alter points out, seven of the world’s 10 largest economies will be in emerging markets, including Nigeria, Egypt, and other countries where it operates.

With a proven track record and a clear mission, Alter VC’s $30 million fund is poised to make a significant impact in the African startup landscape, helping to nurture the next wave of entrepreneurs who will shape the continent’s future.