Antler, a venture capital firm founded in Singapore in 2017 but operating in numerous countries across the world, has announced the closing of its East Africa-focused investment fund, Antler East Africa, at a value of $13.5 million.
The vehicle, which focuses on technological startups, intends to invest $35 million in the region over the next three years.
“We understand what it takes to launch a business, and we want to create a flexible support system that fosters collaboration and interaction between entrepreneurs, advisers, angel investor networks, and investors in Kenya and abroad. Our mission is to connect and accelerate the entrepreneurial journey’s beginning stages,” Marie Nielsen, Partner at Antler East Africa, said.
The Nairobi-based venture capital fund reached out a number of investors in order to generate funding for this investment vehicle. In October 2021, the International Finance Corporation (IFC) suggested a potential investment of up to $2 million in Antler East Africa, which focuses on pre-seed possibilities in the sub-region. The institution’s board of directors eventually approved the investment.
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The IFC, in collaboration with other investors such as Baillie Gifford and family offices such as Canica, has committed $13.5 million to the East African fund.
The funds will be used to support the company’s new incubation program for female entrepreneurs, as well as personalized coaching and support for entrepreneurs who have an idea and want to turn it into a business, as well as companies in the startup ecosystem that are looking to expand and raise capital.
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Antler East Africa, which launched in August 2019 and operates on a hybrid approach that includes venture funding and support for entrepreneurs via its platform, claims to have made 14 investments in East Africa to date.
Antler East Africa Fund Antler East Africa Fund
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer