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In the thick of afunding downtimelast year , and with conditions getting tougher for stock manager raise uppercase as backers ( circumscribed collaborator ) enhanced their focal point on scheme and track phonograph record , some unexampled African and Africa - focused funds still egress , with several of the exist unity receiving fresh financial backing .
Among the notable VC funds that came up last year include the $ 300 million Partech Africa II , the great Africa - focused fund to particular date , and Africa People + Planet fund by Novastar Ventures , an over $ 200 million puddle that will endue in Department of Agriculture and mood sectors . Meanwhile , Norrsken22 , one of the fully grown VCs in Africa , got fresh backing for its Norrsken22 African Tech Growth Fund , alongside the final closing of its debut fund .
New VCs also continued to rise up , includingChui Ventures , which has a gender - inclusive focus in its plan to back founders in Africa focused on aggregate - food market products . Its inaugural investment firm bagged$9 million backingfrom Mastercard , to serve a market that has recently received clamor for local capital .
Africa ’s venture capital and private equity monetary fund managers secured $ 2.4 billion across 43 deals across the year , according to data tracker and mart insights firm Briter Bridges ’ latestreport .
Looking ahead , in 2024 , what investment opportunities are new funds and VCs tapping in Africa?Brian Odhiambo , a pardner at Novastar Ventures , said opportunities abound in fintech and climate sector .
African climate startup adjust to gain ground as VC funding shifts their elbow room
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“ We believe that the megatrends in Africa are the reason to keep put . Africa has the worldly concern ’s youngest and fastest growing population , all of whom are increasingly tech savvy . We currently have the big available cultivable land and the orotund carbon cesspit in the existence outside of the Amazon . Urbanization in Africa is also the fastest mature in the globe . ”
Odhiambo , particularly , sees tremendous scope for disruption in the energy and agricultural industries observe that “ much of the continent ’s population is still underserved by existing vim providers and will need alternative sources of power for domesticated and productive use . As the continent keep to diversify , factory farm award a big chance for technological gap . We are especially concerned in engineering that facilitate make food output efficient and sustainable . ”
Chui Ventures ’ wangle partner , Joyce - Ann Wainaina , an old-fashioned - Citi executive , who launched a sex - inclusive VC store last year , also sees an opportunity to tap world ’s heavy intercontinentalfree trade area , and African char , who she says are “ the most entrepreneurial in the world . ”
Why international DFIs are looking to African startups to scale encroachment invest movement
More to come
As the year advance , Ms. Wainaina expects new funds to emerge and existing ones to get capitalized . Already , Seedstars Africa Ventureshas incur $ 40.5 million fresh backing from EIB Global and AfdB andRally Cap , an former - stagecoach speculation capital firm focused on emerge markets in fintech , has made inroad into the climate sector with a new monetary fund .
“ I believe that we will see a lot more local VC funds emerging in Africa , to meet the working capital needs in the market place . There is a tangible need to support local entrepreneurs as formal usage opportunities in Africa can not absorb the large figure accede the job grocery each year . The continent will want a lot more VC funding to address this gap . Local VCs will provide stability particularly when global marketplace thought are humbled . I stay bright about the future of VC in Africa , ” said Ms. Wainaina .
Homegrown African VCs emerge to satiate in the gap foreign investors can not
Below we outline pecuniary resource that emerge or got capitalized last year .
VC fund
Partech Africa II
Partech Africais one of the most fighting VCs in Africa that invests in technical school startups building resolution for economic sectors that are “ unremarkably highly disunited and informal in Africa . ”
The Partech Africa II investment firm reached its first close of $ 263 million last year , to invest in startups in various sectors including fintech , wellness technical school , logistics , mobility and edtech . The second fund bring home the bacon its first fund announced in 2018.Fund sizing : $ 300 millionTarget : Focuses on come to series C rounds
Partech hits first near of big Africa - focused fund , at € 245 MiB
Africa People + Planet Fund
Novastar Ventures ’ newfangled fund will back sustainable , planet - positivist , mass - marketplace business modelling across Africa . The fund got $ 25 million financial backing from the U.S International Development Finance Corporation ( DFC ) . The pan - African VC house also got$40 million in multifund commitmentfrom SBI Holdings , a Japanese financial Service conglomerate and one of the largest speculation capital business firm in the East Asian country . Fund size of it : Over $ 200 millionTarget : The fund targets mood and clean tech , marketplaces and go-ahead that contribute to community resiliency through the manner of speaking of fiscal and supply chain services .
DFC induct $ 25 M in Novastar ’s Africa People + Planet Fund
Founders Factory AfricaFounded in 2018 , FFA provides funding and hands - on financial backing to early - stage beginner building local solution to local challenges in South Africa , and it is backed by corporate and impact investment mate .
The South African former - stage accelerator and investor advance $ 114 million in backing last class . It plans to continue place in startup in its main fields of focal point that include fintech , agtech and health startup but are also keen on others that admit logistics tech , e - commerce unobjectionable technical school , enterprise technical school and HR enlisting . Fund sizing : $ 114 millionTarget : Early - stage startup .
Founders Factory Africa to deploy $ 114 MB using learnings from past programs
Africa Innovation & Healthcare Fund 2TheAHF2 fundis handle by AAIC Investment , which has bear investment activities of Japanese CVCs since 2017 . It launched the Africa Innovation & Healthcare Fund 2 in 2022 , which attained a second closelipped last year to reach $ 40 million . Its initial fund reached $ 47 million . Fund size of it : $ 150 millionTarget : The fund will invest in Series A and type B companies in Kenya , Nigeria , South Africa and Egypt in aesculapian and healthcare sectors and tech caller in societal infrastructure fields including finance , policy and logistics .
Al Mada VenturesAl Mada Ventures(AMV ) is a speculation capital business firm tailspin - out of Morocco ’s Al - Mada holding , one of Africa ’s largest secret investment monetary resource . Its portfolio companies admit Susu , a French- and Ivorian - based health technical school . Fund size : $ 110 millionTarget : The evergreen fund will call a col in growing - stagecoach companies in financial services , wellness , logistics , renewable DOE , mining , distribution , retail , instruction and telecom sectors .
Al Mada Ventures , the $ 110 M store for Africans by Africans
Saviu investment trust IISaviu Venturesis a Francophone Africa VC , launched in 2018 . Its second fund made an initial close of € 12 million last year , and has so far back Waspito , a Cameroonian wellness technical school ; Rubyx , a Senegalese digital loaning SaaS provider ; and Workpay , an HR - payroll provider . Fund sizing : $ 32 – $ 54 millionTarget : Seed - stage startup mainly in fintech , wellness technical school and climate tech sectors .
Saviu Ventures ’ second fund reaches € 12 million first close to back Francophone Africa startups
Chui VenturesChui Venturesis a pan - African VC investing in early - microscope stage startups . It was launched last year and its maiden fund has already get $ 9 million backup from Mastercard ’s Africa Growth FundFund size : Over $ 10 millionTarget : It has a gender - inclusive focal point and is backing African father building aggregated - market solutions .
Sony Innovation Fund : Africa ( SIF : AF)Sony Ventures Corporation ( SVC ) , the Japanese tech giant ’s speculation arm , last year go under aside a $ 10 million fund to indue in African amusement startups . It of late invested in African gambling startup Carry1st . investment trust size : $ 10 millionTarget : former - stage inauguration in gaming , music , motion-picture show and content distribution .
Sony Ventures earmarks $ 10 M to invest in African amusement startups
P1 VenturesP1 Ventureswas launched in 2020 and reached the first close of its second fund at $ 25 million last year . Its investees from the first and second fund include , Gameball , Reliance Health , Nkoloso.ai , Chari , Djamo and Yassir . store sizing : UnknownTarget : P1 is indue in Es - commerce , fintech , insurtech , wellness tech and SaaS and AI startups . The VC firm regard itself as a multistage investor .
Pan - African contrarian investor P1 Ventures reaches $ 25 M first tight for its second investment firm
E3 Low Carbon Economy Fund for Africa ( E3LCEF)The E3LCEF is a clime - tech fund by early - stage VC E3 Capital ( formerly Energy Access Ventures ) , and emerging markets - focus investiture bank Lion ’s Head Global Partners . It reach a first finale of $ 48.1 million last year . investment firm size of it : $ 100 millionTarget : It targets solar providers and EV inauguration in sub - Saharan Africa .
E3 Capital and Lion ’s Head climate investment company hits first close at $ 48 M to back African inauguration
EquatorEquatoris a climate technical school venture upper-case letter firm focused on sub - Saharan Africa keen on seed and Series A startup . The VC business firm , which emerged in public last year , had an initial $ 40 million close last year and has so far invested in SunCulture , Apollo Agriculture , Odyssey Energy Solutions and Roam . monetary fund size : UnknownTarget : Equator is backing seed and Series A startup in energy , agriculture and mobility sectors .
Equator secures $ 40 M in commitment for stock targeting climate tech startups in Africa
Catalyst FundThe pan - African early - stagefundwas plant in 2016 as a pre - seed gas addressing challenges such as backing , talent and grocery store access for startup ; however , in 2022 it switched from an catalyst to a VC fund and reached a first close of $ 8.6 million last twelvemonth . Its investees let in Octavia Carbon , a lineal air carbon gaining control startup , and Sand to Green , which is transform comeupance into arable land . Fund size : $ 40 millionTarget : Climate related startups including agtechs , insurtechs , climate fintechs and startup in piscary direction , food for thought organisation , cold range , waste direction and water management .
Catalyst Fund strive first close to back climate - tech startups in Africa
Verod - Kepple Africa VenturesVKAVis a pan - African investment firm launched in 2022 as a joint venture between Verod Capital , a private equity business firm and Kepple Africa , a Tokyo - based speculation working capital firm . It reached a $ 43 million second close in March last twelvemonth and batten down a further $ 10 million investment months later from Japan ’s ICT and Postal Services ( JICT ) . It has so far invest in 11 startups including Cloudline , Chefaa and Moove . Fund size : $ 100 million . Target : To invest in Series A and B fintech , e - commerce and logistics venture across Africa .
Backed by Japanese investors , Verod - Kepple ’s fund will invest in Series A and B startups across Africa
VestedWorldVestedWorldis an early - stagecoach VC that principally invests in Ghana , Kenya and Nigeria . Last year it got $ 10 million backing from Mastercard Africa Growth Fund . investment trust sizing : UnknownTarget : It mainly invests in agribusinesses , consumer products and technology - enabled businesses mainly in Ghana , Kenya and Nigeria . Its secondary target area grocery are Ethiopia , Rwanda , Tanzania and Uganda .
DisrupTechDisrupTech fund was launch in 2021 to back fintech and fintech - enabled companies like insurtechs and vitamin E - commercialism inauguration . French DFI Proparco announce a $ 5 million backing into DisrupTech Ventures last year . monetary fund size : $ 36 millionTarget : To back early - point ventures in Egypt ’s fintech sphere .
Enza Capital cash in hand
Enzais a pan - African multi - stage VC . The VC house close down $ 58 million across two fund , including Enza Growth Capital launched in 2022 , last year . Fund size : UnknownTarget : fintech , logistics , health , human capital and climate tech companies .
African VC firm Enza Capital launch founding father partner program as it closes $ 58 M across funds
REdimension Real Estate Technology and Sustainability Fund I
It is the first fund by South Africa proptech VC REdimension Capital that get through a firstcloseof $ 10 million last year after its launch in 2021.Fund size : UnknownTarget : Proptechs digitizing the material estate of the realm sphere in South Africa .
SA SME FundIt is afundfor funds providing much needed liquidity to late - stage VC funds in South Africa to further entrepreneurship in the country . store size of it : $ 30 millionTarget : VC fund managers in South Africa
cash in hand that had final closes
Norrsken22 African Tech Growth FundNorrsken22African Tech Growth Fund was plunge in January 2022 , and strive the final close of $ 205 million last year . Its investees include digital banking program TymeBank , B2B commerce retail program Sabi , identity verification answer Smile Identity , auto funding platform Autochek and SME loaner Shara . investment trust size : $ 205 millionTarget : To invest in Series A and B companies acquire fintech , edtech , medtech [ health technical school ] and market place - enabling solutions .
Norrsken22 ’s debut fund closes at $ 205 M to back growth - leg startups in Africa
Knife Capital IIIThe South African increase - stage investorKnife Capitalannounced a final ending of its third investment firm , found in 2021 , last year to invest in 10 - 12 firms . The firm said it plans to invest an average cheque of $ 3 million . It has so far invested in DataProphet , a South African AI - as - a - service business , and Kasha , a Rwandan wellness access code chopine . Fund size : $ 50 millionTarget : To invest in B2B companies mostly edtech , health tech , fintech , AI and agritech speculation , and bridge Series B funding gap in South Africa .
South African VC Knife Capital closes $ 50 M Series B fund for startup with high outlet potential
Gaia Energy Impact Fund IIThe fund , which is a brainchild of Gaia Impact , Capital Croissance , Schneider Electric , Capelan , and Investisseurs & Partenaires ( I&P ) is investing in “ sectors encompassing decarbonized energy accession , productive vigor utilization , galvanising mobility , new energy solution , and enabling technologies . ”Fund sizing : € 80 ( $ 86 ) millionTarget : GEIF II will endue in seed , Series A and Series B startups and SMEs in the renewable vigour value chain , with 85 % of them from sub - Saharan Africa .
vitality Entrepreneurs Growth FundEEGF is an initiative by Shell Foundation and FMO , found in 2019 , and ply first balcony , fairness and debt investments . The fund is jointly managed by Dutch impact investment manager Triple Jump , and off - control grid sector venture builder Persistent . The fund reach a final finale last year . Fund size of it : $ 125 millionTarget : other and growth - stage company in the energy sector in Africa .
Seedstars Youth Wellbeing VenturesSeedstars Capital and Swiss philanthropic foundation Fondation Botnar launched Seedstars Youth Wellbeing Venturesfundlast year . The evergreen plant investment fomite will back inauguration including those that advance health services , environmental sustainability and ecological resilience ( like access to clean energy ) , local food security , water and sanitization , waste direction , affordable housing , accession to work and dependable and sustainable transportation in Tanzania , Ghana , Senegal , Morocco and Egypt . Fund size : $ 20 millionTarget : Pre - seeded player to Series A startups
Seedstars , Fondation Botnar partner to back African startups focused on young person wellbeing
Pepea fundImpact investor Goodwell Investments and Oxfam Novib , a Dutch foundation and Oxfam International affiliate , coif upPepea , the monetary fund , to supply funding to former - stage startups in Kenya , Uganda and Ethiopia . The fund , created with the backing of Oxfam Novib Impact Investments , will cater mezzanine finance , which is a debt that can be turned into fairness . Fund sizing : € 20 millionTarget : Early - stage businesses that have been in existence for one to five years . It will invest in business in sustainable agriculture , vigor , clean mobility , logistics and waste direction sectors , which produce introductory good and services that constitute a vast proportion of house outlay for lower - income community .
Oxfam Novib and Goodwell target East African startup with € 20 M Pepea fund
Private Equity Funds
Alterra Capital PartnersAlterra Capital , an Africa - focalise private equity firm plump for by Africa ’s richest Isle of Man Aliko Dangote , secured $ 140 million . Its investees let in Nigeria online travel company Wakanow , regional banking institution Access Bank and logistics company J&J Africa .
monetary fund sizing : $ 500 million . Target : It gift in a figure of sectors , including consumer goods , telecommunications , technology , logistics health care .
LeapFrog ’s novel monetary fund to double down on financial and healthcare sectors in Africa and Asia
uMunthu II fund
uMunthu II fund , by Goodwell Investments and Alitheia Capital , both touch on private equity firm with extensive experience in Africa , reached a firstcloseof € 57 million ( $ 61 million ) last year . investment trust size : $ 150 million ( minimum target)Target : Local entrepreneurs and providing local solutions to local emergence , particularly those “ ensuring high - timber , sanely priced goods and service for underserved low - income groups . ”
Sanari 3S Growth FundSanari 3S GrowthFundis by prominent South African secret fairness firmSanariCapital , that had a 2nd close of $ 65 million last twelvemonth . Fund sizing : $ 100 millionTarget : It put in “ father - run , owner - grapple and family - own businesses across the mid - securities industry segment . ”
Do you have an update about new funds or pecuniary resource listed above ? Reach out to the author via annie.techcrunch@gmail.com .
