Future Africa invests $1 million in 9 African startups
Venture firm Future Africa has announced its investments in 9 startups in the 3rd quarter of 2020. The fund invested $1million across these startups.
Future Africa has announced its investments in 9 startups in the 3rd quarter of 2020. The fund invested $1 million across these startups.
Future Africa has successfully achieved this in a COVID economy with its unique approach to venture capital. It is pioneering new venture models in Africa by pooling funds from Future Africa Collective - a syndicate for angel investors, Future Africa Rolling Fund - an investment subscription product and the Future Africa Fund - its own fund.
These investments include fresh and follow-on funding for startups across fintech, health, service and remittances subsectors. Future Africa says its portfolio now holds a total of 35 startups.
Here are the startups it funded for the quarter closing September 2020:
- Bamboo helps Nigerians create wealth by investing in Nigeria and United State stocks.
- Eden is a tech-enabled concierge service for Nigerians to live better and simpler lives.
- Releaf is improving the value-chain of agricultural products in Nigeria starting with the oil palm fruit.
- Tambua Health has invented precise, non-invasive and radiation-free lung imaging devices for use by primary health care providers.
- Indicina is building Africa’s credit infrastructure to digitise the credit value chain and improve decision making by creditors.
- Evolve Credit is a marketplace for financial services in Nigeria. It helps Nigerians make better financial decisions.
- Shara is building a distribution platform to help FMCGs provide financial and logistical support to retailers.
- Myawayhome is the trusted service for diasporans to own and manage property back home.
- Stears is building a media and data network for Africa to help individuals, development organisations, investors, governments and companies access data they need to make better decisions.
Future Africa’s founder Iyinoluwa Aboyeji, on the types of startups it backs said: "We believe there is a truly unique opportunity for innovators to turn our continent’s biggest challenges into massive business opportunities. We will continue to provide capital, coaching and community to founders building the future in Africa".
He also says the firm is particularly excited about opportunities in the remittances, financial infrastructure, media and the environment. The firm notes that it has reopened admissions into the Future Africa Collective to join its
existing syndicate of 125 angel investors.
The collective is its community of co-investors who fund African startups. The Future Africa Collective gives members the opportunity to invest alongside Future Africa on a deal-by-deal basis through investment syndicates. Interested investors can apply to join the syndicate here.
