Venture Capital & Funding Sources

Mirova Gigaton Fund Surpasses $282 Million Milestone for Clean Energy in Emerging Markets

February 6, 2024

Sustainable investment manager Mirova has announced a significant milestone in its efforts to expedite the shift to clean energy in emerging markets. The Mirova Gigaton Fund, launched a year ago with the aim of raising $500 million, has successfully secured $282 million in commitments, marking a remarkable achievement in its mission to support sustainable initiatives worldwide.

The recent boost came in the form of a $75 million senior commitment from the European Investment Bank (EIB), adding to the diverse set of contributions that have poured in since the fund’s initial closing in March 2023. This development represents more than half of the fund’s target capital and underscores the growing support for sustainable investments in the financial landscape.

The primary objective of the Mirova Gigaton Fund is to provide medium- to long-term debt financing for clean energy projects, with a specific focus on emerging regions such as Africa, Latin America, the Middle East, and Asia. The fund seeks to rally support from institutional investors for impactful endeavors related to climate mitigation and adaptation, social development, economic infrastructure, and gender equality investments.

Focusing primarily on small and medium-sized enterprises (SMEs), the fund directs attention to various sectors, including 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.

Aligned with the G7-founded 2X Challenge initiative, the Mirova Gigaton Fund aims to enhance the well-being of women in emerging markets. This involves facilitating access to finance for female entrepreneurs, increasing women’s access to clean energy, fostering equitable and quality employment, and supporting entrepreneurial success.

In addition to the substantial commitment from the European Investment Bank, Mirova also disclosed a €5 million catalyst junior investment through the Luxembourg-EIB Climate Finance Platform. This platform is designed to stimulate investments from both public and private sectors into high-impact companies operating in emerging markets involved in climate change and mitigation projects.

Projects already supported by the Mirova Gigaton Fund include SunCulture, a Kenya-based provider of solar and irrigation systems for smallholder farmers; Solar Panda, a home solar system provider; and Energy Vision, a clean energy solutions provider focused on Gabon and Nigeria.

As the Mirova Gigaton Fund continues to gain momentum, its success not only signifies a major step towards a sustainable future but also highlights the increasing importance of private investment in clean energy initiatives in emerging markets. The fund’s commitment to promoting gender equality and its alignment with global initiatives like the 2X Challenge showcase its dedication to creating a positive impact on both the environment and local communities.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Core DAO Launches $5 Million African Innovation Fund to Boost Web3 Projects Across the Continent

January 25, 2024

In a significant stride towards fostering innovation in the African blockchain ecosystem, Core DAO has announced the launch of the African Innovation Fund, a groundbreaking initiative set to provide a $5 million war chest to supercharge Web3 projects across the continent.

Web3 enthusiasts and innovative builders in Africa are invited to seize this opportunity, as Core DAO aims to support and elevate local projects by addressing challenges such as funding constraints, lack of technical resources, and limited access to localised data and insights.

African Blockchain Landscape Gains Momentum

The African continent is emerging as a key player in the global crypto landscape, with Sub-Saharan Africa recording an estimated $117.1 billion on-chain transaction volume between July 2022 and June 2023, according to Chainalysis’ 2023 Geography of Cryptocurrency report. This surge in blockchain activity is fueled by the continent’s young and tech-savvy demographic, combined with increasing internet access, creating an ideal environment for blockchain adoption.

Driven by a desire to address local challenges, African developers are utilizing blockchain technology to create solutions in areas such as cross-border payments, supply chain management, and financial inclusion. This surge in innovation highlights the potential of the blockchain industry to make a meaningful impact on the continent.

Challenges and Opportunities for African Web3 Builders

Despite the growth in blockchain innovations, African Web3 builders face challenges in onboarding the next billion people into the Web3 space. These challenges include a lack of access to funding, technical resources, and high-level localised data and insights. To overcome these hurdles, builders are actively seeking solutions to facilitate a smoother onboarding process into the Web3 industry.

Core African Innovation Fund: Addressing Challenges Head-On

In response to these challenges, Core DAO has established the Core African Innovation Fund, adopting a long-term, user-friendly, and sustainable approach. The fund aims to provide support in the form of grants, technical resources, builder programs, partnerships with accelerators and institutions, connections to venture capitalists, and potential investments. Notably, the fund will focus exclusively on local projects that demonstrate a strong commitment to delivering tangible value to their communities.

The initiative goes beyond financial support, aiming to connect key builders with established blockchain players, including venture capitalists, to empower the next generation of decentralized applications and protocols. The strategic partnerships forged through the fund seek to create a more decentralized and interconnected future for the African blockchain ecosystem, ensuring the promotion of long-term success and playing a pivotal role in driving innovation and growth.

Calling All Builders: CoreDAO’s Commitment to the African Web3 Space

CoreDAO is actively seeking to support projects in various sectors, including gaming, stablecoins, cross-border payments, supply chain, real estate, DeFi-backed loans, credit rating systems, decentralized database/file storage, healthcare, NFTs, and more. The Core African Innovation Fund is positioned as a driving force aligned with Core’s long-term vision, aiming to unlock the full potential of decentralized projects in the African blockchain space.

Core Chain’s Unique Position in Web3 Development

Core Chain, as a leading Layer 1, stands at the intersection of Bitcoin’s principles and Ethereum’s composability. This unique fusion positions Core Chain as a first-of-its-kind “Bitcoin-aligned” chain, offering a platform deeply rooted in the early visions of Web3 from 2008. With a commitment to decentralization, scalability, and security, Core Chain is actively contributing to making Web3’s mass adoption a reality.

The Core African Innovation Fund signifies a positive development for the African blockchain industry, serving as a catalyst to propel the next generation of builders to success. As the continent embraces its role in the global blockchain landscape, initiatives like these play a crucial role in nurturing local talent and driving sustainable growth within the African Web3 ecosystem.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

$11M EPF Tech Fund Opens to African Startups

January 24, 2024

Empire Partner Foundation’s (EPF) Tech Fund, led by CEO Jacqueline Govender, has announced the launch of an $11 million (R200 million) Exchange-Traded Fund (ETF) aimed at fostering innovation and supporting young entrepreneurs across Africa. The fund, which initially focused on South Africa, is now expanding its reach to identify and invest in high-growth digital startups addressing critical challenges in various sectors.

In an exclusive interview with ITWeb Africa, Jacqueline Govender emphasized the fund’s commitment to actively engaging with portfolio firms and potential investors. The EPF Tech Fund aims to tackle difficulties in areas such as accommodation, education, financial inclusion, rural and community development. Govender stated, “We’re now also expanding our geographic reach beyond South Africa.”

The expansion comes at a crucial time for African startups facing a funding freeze, as reported by global research firm Infomineo. Startups in Africa received $3.4 billion in funding in 2023, marking a 32% decline from the over $5 billion recorded in 2022, with equity funding experiencing a significant 60% reduction.

To address the funding challenges faced by entrepreneurs in Africa, the EPF Tech Fund is raising an additional $4.2 million (R80 million). Govender revealed that this capital injection will specifically target students and graduates developing technology solutions with the potential for a significant impact.

To be eligible for support from the EPF Tech Fund, startups must have locally built digital solutions, be led by young people, and demonstrate scalability across multiple African countries. Govender emphasized that artificial intelligence (AI) is a key focus for the fund, stating, “Every portfolio firm must achieve the basic criteria of adopting AI into its operations.”

“We see enormous potential in AI-powered solutions that address social concerns, such as education, climate change, unemployment, poverty, and access to healthcare,” Govender added. The EPF Tech Fund is actively seeking firms that utilize AI for sustainable livelihoods, financial inclusion tools, and data-driven healthcare and environmental, social, and governance (ESG) systems.

In explaining the genesis of the EPF Tech Fund, Govender highlighted the identification of a gap in the venture capital market. The fund was initially created to support breakthrough tech businesses solving social concerns across the African continent. Investors in the fund are organizations dedicated to “future proofing Africa” by investing in youth-led technology solutions that can scale across the continent.

Unlike traditional venture capitalists, the EPF Tech Fund evaluates firms not only based on financial returns but also on their ability to provide verifiable social and environmental benefits. Jacqueline Govender stressed, “Beyond a sustainable business, we look at how a venture improves people’s lives and connects with our impact areas.”

The fund supports its portfolio companies with mentorship, market access, and impact measurement tools. EPF Tech Fund’s investments typically range from R5 million to R20 million, with a focus on angel, pre-seed, and seed stages. Govender concluded, “Our main points are effect, purpose, and possibility. We believe in developing promising ideas in their early phases and guiding them through the key early growth phase.”

EPF Fund EPF Fund

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

What Is the Newly Launched UNDP-Backed Timbuktoo Initiative for African Startups, and Why Does It Matter?

January 17, 2024

In a groundbreaking move, the United Nations Development Programme (UNDP) unveiled the ambitious “timbuktoo” initiative at the 24th Annual Meeting of the World Economic Forum in Davos, Switzerland. The initiative, presented by H.E. President Paul Kagame of Rwanda, H.E. President Nana Akufo-Addo of Ghana, the Secretary General of the African Continental Free Trade Area Secretariat, HE Wamkele Mene, and UNDP Administrator Mr Achim Steiner, aims to be the world’s largest financing facility, bringing catalytic and commercial capital together to bolster Africa’s startup ecosystem.

The launch ceremony, attended by global corporate leaders and African financial institutions, marked a pivotal moment in what is now considered the African Startup Revolution. The initiative seeks to leverage the momentum of Africa’s substantial youth demographic and abundance of innovative talent.

H.E. Paul Kagame expressed the urgency of providing tools for African youth to reach their full potential and announced an immediate contribution of US$3 million to kickstart the timbuktoo Africa Innovation Fund. This fund will be hosted in Kigali and aligns with timbuktoo’s billion-dollar target to create more opportunities for Africa’s youth.

“For many African countries, our foremost challenge now is to ensure we put in place the right structures to enable young Africans to create innovative and compelling businesses,” emphasized H.E. Nana Akufo-Addo. “I’m excited about the future of our continent. I look forward to seeing us create a future where innovation is encouraged, ingenuity is supported, and prosperity is shared.”

Promoted by the UNDP, timbuktoo aims to fill critical gaps in the African startup ecosystem by collaborating with governments, investors, corporates, and universities. UNDP Administrator Mr Achim Steiner stressed that timbuktoo represents a new model of development, simultaneously pushing for startup-friendly legislation, global-class startup building, de-risking capital, and introducing University Innovation Pods (UniPods) across Africa.

Currently, Africa’s share of the global startup value is only 0.2 percent, compared to 2 percent of global trade value. The majority of venture capital flowing into Africa is foreign, with 83 percent concentrated in four countries: Nigeria, Kenya, South Africa, and Egypt, and over 60 percent directed to the fintech sector.

“timbuktoo will turn ideas and nascent innovations into meaningful scaling and disruptive pan-African enterprises,” highlighted UNDP Africa Chief Innovation Officer Dr Eleni Gabre-Madhin. “This initiative will generate wealth and well-being for millions of people in Africa and beyond, focusing on innovative solutions for people and the planet.”

Africa’s tech landscape is on the rise, with private venture capital investments growing six times faster than the global average in 2022. With a vibrant youthful population and expanding tech startups, Africa is poised to become a future tech powerhouse. timbuktoo aims to mobilize and invest US$1 billion of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs.

What sets timbuktoo apart is its unique design, blending commercial and catalytic capital to de-risk private investment. The initiative adopts a pan-African approach, engaging with the entire ecosystem, including government policy, universities, corporates, development partners, catalytic partners, and commercial investors. As timbuktoo unfolds, it promises to be a catalyst for positive change, propelling Africa’s startup landscape to new heights.

UNDP Timbuktoo Startup Initiative UNDP Timbuktoo Startup Initiative

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

BII Backs Apis Growth Markets Fund III with $40 Million Boost for African FinTech

January 12, 2024

British International Investment (BII), a leading UK development finance institution and impact investor, has reaffirmed its dedication to supporting fintech entrepreneurship by committing $40 million to the Apis Growth Markets Fund III (“Apis III”). Apis Partners LLP, a UK-based private equity firm with a focus on high-growth, tech-enabled financial services businesses, manages the fund.

This marks the third instance of BII supporting an Apis fund. The collaboration between BII and Apis dates back to 2015 when BII kickstarted Apis’ first fund with a $30 million commitment. This support continued in 2019 with a $50 million contribution to Apis’ second fund.

Apis specializes in investments within the digital financial services sector, with a particular emphasis on payment and credit services. Recognizing the crucial role digital infrastructure plays in fueling economic growth in emerging economies, BII strategically aligns its investments with this vision.

Dalia Aga-Shaw, Director and Head of Financial Services Funds at BII, expressed confidence in Apis’ ability to make a positive impact on the fintech sector. She emphasized that the new fund would provide essential capital to both emerging entrepreneurs and established businesses, fostering growth in low-income households and creating broader economic opportunities.

The collaboration also aligns with Sustainable Development Goal 8.10, aiming to enhance economic opportunities for consumers and businesses by improving their ability to manage liquidity, investment, and risk.

BII’s commitment to Apis III is crucial in helping Apis achieve its target fund size, especially in the current environment where there is reduced interest from commercial investors in emerging market fintech businesses.

BII’s role as a key advisor to Apis extends beyond financial backing, encompassing the development of Environmental, Social, and Governance (ESG) standards at the fund manager. BII has played a pivotal role in fortifying Apis’ impact management capabilities, further solidifying the partnership’s commitment to responsible and impactful investments.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

T-Vencubator Unveils Game-Changing Fund and Incubator for Egyptian Tech Startups

December 27, 2023

In a groundbreaking move to bolster innovation and entrepreneurship in Egypt, the T-Vencubator Fund has been officially unveiled. Pioneering a fusion of venture capital funds and business incubators, this initiative is exclusively dedicated to supporting companies offering technological solutions to address the real challenges facing Egyptian society.

The T-Vencubator Fund represents a golden opportunity for local startups leveraging technology to confront the multifaceted challenges prevalent in Egyptian society. It introduces a novel approach by supporting entrepreneurs with both venture capital and comprehensive incubation support essential for their growth. The term “Vencubator,” a blend of Venture Capital and Incubator, encapsulates this innovative concept.

Reem Safi, the Founder and CEO of T-Vencubator Fund, emphasized the timely nature of the fund’s launch. In a global context where startups play a pivotal role in developing economies, Safi sees investing in these companies as a national duty, given Egypt’s track record of startup success in recent years.

Safi stated, “We believe that technology can address many of the issues facing Egyptian society. Egyptian minds harbor innovative ideas capable of tackling these problems. We are not just injecting financial investments into startups; we are investing in exceptional talent that will shape Egypt’s future.”

Detailing the investment plan, Safi outlined the focus on promising companies with robust ideas providing technological and AI-driven solutions to societal challenges. Specific companies and investment amounts will be disclosed throughout 2024.

Hazem El Samra, Head of Growth and Marketing at T-Vencubator Fund, expressed pride in launching the first investment fund and business incubator with a distinctly Egyptian character. Emphasizing key selection criteria, he noted, “We focus on innovative ideas grounded in the latest technological solutions capable of addressing the real challenges in our community.”

El Samra continued, “Inspiring ideas based on technology deserve to be highlighted. While financial investment is crucial, practical support rooted in knowledge and experience is equally vital, forming the core philosophy of the T-Vencubator Fund.”

Egypt currently leads the Middle East in startup funding volume, underscoring the country’s market size and the significance of an Egyptian success partner. Such a partner, as T-Vencubator aims to be, provides crucial elements for the success of Egyptian companies, including financial support, mentorship, a local vision, technological infrastructure, and necessary human resources for innovation and success.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Moroccan Startups Have a New Path to Investment, Backed by the IFC

December 20, 2023

In a bid to bolster North Africa’s burgeoning tech start-up sector, the International Finance Corporation (IFC) is joining forces with Moroccan public finance institution TAMWILCOM. The partnership aims to provide advisory support to a Moroccan start-up accelerator, selected collaboratively by IFC and TAMWILCOM, fostering an environment conducive to attracting both local and international investments. This initiative is a crucial step towards addressing the stark disparity in funding, with Morocco currently capturing less than 1% of the record-breaking $5.4 billion African tech start-up investment in 2022.

The agreement, signed today, builds upon The World Bank’s earlier commitment to fund TAMWILCOM, empowering the institution to establish a financing program dedicated to supporting Morocco’s entrepreneurial ecosystem. This collaborative effort signifies a strategic move to bridge the financial and technical support gap, essential for sustaining and amplifying Morocco’s vibrant start-up scene.

Tamwilcom, having recently announced the launch of the Innov Invest Fund (F2I) in July 2023, demonstrates its steadfast commitment to nurturing innovation and supporting startups. The F2I initiative aims to financially back 800 innovative projects and startups over a five-year period, showcasing a comprehensive approach to cultivating a supportive environment.

As part of this initiative, Tamwilcom has initiated a campaign to identify and label support structures responsible for implementing a new range of financing products targeting innovative entrepreneurs. The Call for Expression of Interest (EOI), open from June 28th to July 17th, seeks to select up to twenty support structures operating in various stages, including “ideation,” “incubation,” and “pre-acceleration.” These structures are expected to present clear value propositions catering to one or more of these segments, aiming to enhance the success rate of supported startups and generate employment opportunities.

The comprehensive approach extends to the “acceleration” segment, which will be addressed subsequently through a dedicated offering. Tamwilcom’s commitment to providing a continuum of support reflects in its strategy to facilitate the growth of startups, enabling them to secure independent funding through fundraising activities.

To maximize the impact of the new offering, Tamwilcom plans to establish partnerships with key stakeholders within the ecosystem. These partnerships will be selected through a competitive process based on calls for expression of interest. Additionally, the institution intends to develop synergies with other public and private initiatives, emphasizing the importance of strong demand from startups and the diversification of their innovative strategies for the success of these endeavors.

The launch of the Innov Invest Fund marks the commencement of Tamwilcom’s strategic plan from 2023 to 2026. The institution envisions adapting its financing offering to meet the evolving needs of the ecosystem while ensuring the continuity of support for startups through appropriate guidance, accelerating the maturation of innovative projects. This collaborative effort by IFC and TAMWILCOM signifies a crucial step towards unlocking the full potential of Morocco’s dynamic start-up landscape.

Moroccan startups IFC Moroccan startups IFC

Remittance Flows Continue to Grow in 2023 Albeit at Slower Pace

South Africa’s E4E Africa Secures $30 Million in First Close for Fund II, Expanding Impact Across Sub-Saharan Africa

December 16, 2023

E4E Africa, a venture capital fund driven by entrepreneurs and based in South Africa, has successfully concluded the initial phase of its E4E Africa Fund II, raising a total of US$30 million. Launched in July 2020 and supported by the SA SME Fund, E4E Africa’s first fund made 11 investments in various startups, including Pineapple in insurtech, SweepSouth in home services, and Qwili in the digital marketplace. The fund focuses on supporting exceptional entrepreneurial teams that are developing highly scalable and impactful businesses in key sectors across Sub-Saharan African economies, with specific attention to fintech, education, job tech, e-health, and energy solutions. E4E Africa emphasizes founder-centric support and leverages its network of experienced entrepreneurs to provide value.

The second fund, E4E Africa Fund II, aims for a total size of US$30 million and has now achieved its first close. E4E Africa is actively seeking additional interest from both local and international investors to further expand its influence and reach. Bas Hochstenbach, managing partner at E4E Africa, expressed enthusiasm about the first close, stating that it empowers them to support outstanding founders and capitalize on exceptional investment opportunities stemming from their robust relationships with founders and seasoned African entrepreneurs.

Already, E4E Africa Fund II has made investments in three companies: Kwara, a Kenyan core banking platform provider; TUNL, a South African tech-enabled export shipping provider; and a rapidly growing business in Kenya disrupting the traditional embedded finance landscape. Bakang Komanyane, principal at E4E Africa, highlighted the impressive performance of the Fund II portfolio and teased an upcoming follow-on investment in the coming weeks, showcasing the fund’s commitment to nurturing and supporting thriving businesses.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Al Barid Bank and Barid Cash Collaborate with CDG INVEST to Back Fintech Startups in Morocco

December 12, 2023

Al Barid Bank, Barid Cash, and CDG Invest, the Investment Branch of the CDG Group, have signed an agreement aimed at promoting the creation and development of fintech startups in Morocco. This partnership is part of the “212Founders” program by CDG Invest, dedicated to investing in and supporting startups with international ambitions. The “212Founders” program launched by CDG Invest aims to energize the fintech ecosystem in Morocco by establishing a support system for fintech projects from the ideation phase to market launch.

Al Barid Bank and its subsidiary Barid Cash, with their mission of financial inclusion, aim to implement innovative, inclusive banking solutions that bring value to all Moroccans while fostering entrepreneurship in the field of new technologies.

This alliance reflects the shared commitment of CDG Invest and the Al Barid Bank Group to promote development and innovation in the field of new technologies related to finance by providing aspiring Moroccan fintech companies with a facilitating framework, including the provision of technological infrastructure conducive to the realization of their projects.

Thus, this partnership, fully aligned with the strategic vision of its signatories, aims to efficiently support the momentum in the fintech sector in Morocco.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Chui Ventures Secures $9 Million to Invest in African Startups

December 8, 2023

Chui Ventures, a Pan-African Seed fund led by Managing Partner Joyce-Ann Wainaina, has secured a substantial $9 million commitment from the Mastercard Foundation Africa Growth Fund. This strategic investment is poised to accelerate Chui Ventures’ mission to foster inclusive innovation across the African continent.

Joyce-Ann Wainaina, a seasoned corporate executive and former Managing Director of Citibank, brings a wealth of experience to Chui Ventures. Her focus is on supporting local founders developing mass-market solutions, leveraging her extensive background, including serving as Head of Citi’s Global Network Banking across Sub Sahara Africa and later as the Chief Executive Officer of Citibank Kenya and East Africa from 2014 to 2019.

Mastercard Foundation, in a statement, expressed its commitment to catalyze Chui Ventures’ efforts in supporting African startups. The investment aims to be a game-changer for exceptional African startups, providing the necessary support for them to flourish.

“Our experience in global corporate banking, private equity, and wealth management positions us well to guide these startups through their early growth stages,” affirms Joyce-Ann Wainaina.

Chui Ventures has a track record of investments in noteworthy startups such as Fingo Africa (a Digital Banking startup), Marketforce (a B2B e-commerce startup), ShopZetu (a Fashion e-commerce startup), Leta (a B2B supply chain and logistics SaaS provider), and Tappi (an end-to-end digital commerce SaaS solution tailored for small and medium-sized businesses).

The Mastercard Foundation Africa Growth Fund has also expanded its portfolio by strategically investing in VestedWorld, a Venture Capital Fund targeting Ghana, Kenya, and Nigeria, and SME Impact Fund, based in Arusha, Tanzania. VestedWorld focuses on burgeoning industries and has received a commitment of $10 million from the Mastercard Foundation Africa Growth Fund. The fund will be deployed in early-stage, high-potential companies, providing the first institutional investment to this fund.

“We are excited to partner with the Mastercard Foundation Africa Growth Fund. The deal will strengthen high-potential African start-ups and provide them with what they need to succeed,” says Nneka Eze, General Partner and Managing Partner of VestedWorld. Together, they aim to drive economic transformation and unlock the immense entrepreneurial talent across the continent.

As the African startup ecosystem continues to gain momentum, the collaboration between Chui Ventures and the Mastercard Foundation is poised to be a catalyst for transformative change, fostering innovation and economic growth across the continent.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Afrikan Heroes

Category: Venture Capital & Funding Sources