Venture Capital & Funding Sources - Afrikan Heroes

Verod-Kepple Africa Secures Additional $10M to Invest in African Startups

September 14, 2023

Ryosuke Yamawaki co-founder, VC Kepple Africa Ventures

In a significant development for the African tech investment landscape, Verod-Kepple Africa Ventures (VKAV) has secured an additional $10 million in funding from Japan’s Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (JICT). This Japanese public-private investment fund, known for its support in promoting overseas expansion of Japanese ICT and postal service businesses, has chosen VKAV as its partner in navigating the promising but complex African market.

VKAV, the flagship fund of Verod-Kepple Africa Partners, a collaboration between Verod Capital Management Limited and Kepple Africa Ventures, has been making waves in the African venture capital scene since its establishment in 2022. With a mission to foster tech-enabled enterprises dedicated to addressing diverse challenges across the African continent, VKAV has attracted prominent investors, including Japanese public agencies like JICT and the Japan International Cooperation Agency (JICA), as well as listed corporations such as Toyota Tsusho Corporation, Sumitomo Mitsui Trust Bank (SMTB), and SBI Holdings.

VKAV’s current portfolio boasts strategic investments in a range of African startups, including Moove Africa, NowPay, Koko Networks, Ceviant, Chari, Shuttlers, Nawy, and Julaya. Notably, VKAV was named “Start-ups’ Most Favored Investor” in Africa by the renowned French economic media outlet Jeune Afrique in May 2023, underlining its growing influence and impact on the African startup ecosystem.

The partnership with JICT signifies a collaborative effort to facilitate connections and valuable business relationships between Japanese corporations and promising African startups. Their focus will be on accelerating the growth of startups in key ICT sectors, including fintech and digital transformation, with the aim of addressing pressing social challenges on the African continent.

Amane Oshima, CEO and Representative Director at JICT, highlighted the tremendous opportunities Africa presents for Japanese companies seeking overseas expansion and the challenges posed by the continent’s unique socio-economic context. Oshima expressed confidence that partnering with VKAV, a trusted local collaborator with profound knowledge of the African market, will enable Japanese corporations to seize these market entry opportunities effectively.

Satoshi Shinada, Partner at VKAV, welcomed JICT as a highly reputable institution from Japan and emphasized the significant role Japanese corporations can play in Africa’s economic transformation. He expressed genuine excitement about the collaboration and its potential to facilitate successful market entry for Japanese companies in Africa.

This investment is not the first time Japanese companies have shown interest in VKAV. In 2022, Toyota Tsusho announced an investment in VKAV, aiming to support entrepreneurs and explore business synergies in Africa. VKAV, a joint venture between Verod Capital Management Limited and Kepple Africa Ventures, intends to invest $100 million in scalable, tech-enabled, post-revenue businesses across various industries on the continent from 2022 to 2026.

Toyota Tsusho Invests In Verod-Kepple Africa Ventures For Investment In African Startups

Charles Rapulu Udoh

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

Game Changer: EXITS MENA’s New Startup Fund to Amplify Local Startups on Egypt Stock Exchange Radar

August 21, 2023

In a strategic move set to reshape the landscape of startup investments, EXITS MENA has unveiled its visionary intention to launch a groundbreaking investment fund in collaboration with the Egyptian Stock Exchange. Spearheaded by Mohamed Negati, the CEO of EXITS MENA, this pioneering initiative is slated for a 2024 debut. With a resolute focus on the technology sector, the fund aims to carve a distinct niche by acquiring shares in burgeoning startups and nascent tech enterprises. These carefully curated entities will subsequently be offered collectively on the stock exchange, accentuating the depth and diversity of the investment portfolio.

Negati shed light on the meticulous groundwork already underway to bring this aspiration to fruition. Insights shared by the CEO revealed that substantive strides have been taken in laying the foundation for the fund. Ongoing discussions with both local and international financial institutions are on the horizon, marking the initial steps toward securing the necessary funding. Amid these preparations, stringent prerequisites are being met in alignment with the rigorous standards set by the Financial Supervisory Authority, culminating in the imminent acquisition of pivotal approvals.

Underscoring the collaborative spirit of this endeavor, Negati highlighted the comprehensive consultations being conducted with key stakeholders within the capital market ecosystem. Engagements with the Egyptian Stock Exchange, among other relevant parties, are in progress. The crux of these discussions centers on the viability of incorporating a select cohort of 7 to 10 enterprises within the fund’s framework. This deliberation lays the groundwork for seamless listing and trading of the participating companies’ shares, fostering a dynamic marketplace for investment.

*Mohamed Negati is the CEO of EXITS MENA. Credits: Mohamed Negati*

Negati astutely acknowledged the potential challenges of propelling an investment fund rooted in emerging technology companies. Convincing stakeholders, both investors and companies alike, demands a strategic approach and a patient outlook. The reward, however, promises to be substantial: an open avenue for lucrative returns, an influx of diverse investors, and an infusion of fresh capital into the stock exchange ecosystem.

The CEO accentuated the growing appeal of the Egyptian market for technology-oriented companies. As the fund takes shape, it is poised to attract foreign investment inflows into Egypt’s burgeoning financial technology sector. This, in turn, will catalyze the expansion of the international investor base intrigued by the manifold opportunities presented by this promising arena.

In a parallel development, the Egyptian Stock Exchange, under the leadership of Ramy El Dokani, has unveiled its own visionary pursuit. El Dokani, the Chairman of the exchange, disclosed preliminary studies aimed at ushering in an exchange dedicated exclusively to startup companies. With a targeted launch slated for 2025, this visionary exchange is set to capitalize on the surging interest, both domestic and global, in fortifying the startup ecosystem. The confluence of these two bold initiatives promises a profound transformation of Egypt’s financial landscape, poised to elevate the nation’s status as a thriving hub for innovation and investment.”

EXITS MENA fund

Troubled Nigerian Crypto Startup Patricia Sparks Concerns with Launch of Native Token Amidst Operational Turmoil

Charles Rapulu Udoh

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

GEM Capital Targets Gaming Market in North Africa with $50M New Fund

August 14, 2023

GEM Capital, a pioneering venture capital firm with a dedicated focus on the gaming industry, has taken a significant stride by introducing a groundbreaking $50 million fund designed to invigorate the gaming investment landscape across multiple regions. Headquartered strategically in Cyprus and the UAE, GEM Capital has emerged as a leading player in the realm of gaming investment, and this new fund underscores their commitment to fostering innovation, entrepreneurship, and strategic growth within the dynamic gaming sector.

The newly launched fund, valued at an impressive $50 million, has been meticulously tailored to channel capital into the burgeoning gaming ecosystems of Cyprus, Eastern Europe, and the Middle East/North Africa (MENA) region. This strategic move not only highlights the firm’s astute understanding of the untapped potential in these regions but also solidifies GEM Capital’s role as a visionary catalyst in driving gaming-related investments toward these burgeoning markets.

The fund’s investment strategy is both comprehensive and forward-looking, encompassing a diverse array of gaming sectors poised for growth. GEM Capital is primed to allocate its resources toward free-to-play and premium PC & console games, reflecting the burgeoning demand in these segments. Additionally, the fund recognizes the ascendance of midcore mobile games and innovative game-tech companies as transformative forces within the industry. This proactive stance toward the ever-evolving landscape of gaming underscores GEM Capital’s acumen in identifying opportunities that are not only promising but also reflective of changing consumer preferences.

In line with their penchant for supporting innovation from its nascent stages, GEM Capital is poised to be a pivotal contributor to early-stage gaming ventures. The fund’s investment approach is characterized by a deliberate focus on pre-seed, seed, and Series A investments. This targeted approach ensures that innovative gaming startups, often faced with capital constraints during their foundational phases, can leverage the financial infusion and industry expertise provided by GEM Capital to accelerate their growth trajectories.

GEM Capital’s extensive industry experience is underscored by its notable investment portfolio, which spans across various dimensions of the gaming spectrum. Having facilitated over 20 investment deals since 2019, GEM Capital has forged strategic partnerships with visionary entities that have since become prominent players in the gaming landscape. Noteworthy collaborations include ventures with Weappy, Unfrozen, Mundfish, and Deus Craft, among others. The diverse nature of these partnerships highlights GEM Capital’s agility in recognizing innovative potential across different niches within the gaming realm.

Central to GEM Capital’s investment philosophy is the recognition of successful intellectual properties (IPs) as cornerstones of enduring gaming success. This forward-looking vision propels the firm to actively seek out investment opportunities that not only exhibit promising short-term growth but also possess the potential to become iconic IPs capable of shaping the gaming industry’s future landscape.

With the inauguration of its $50 million gaming investment fund, GEM Capital reinforces its commitment to propelling the gaming industry’s growth trajectory within the diverse regions of Cyprus, Eastern Europe, and the MENA region. The fund’s comprehensive strategy, dedication to early-stage ventures, and visionary approach to IPs reflect GEM Capital’s position as a stalwart enabler of gaming innovation and entrepreneurship. As the gaming sector continues its dynamic evolution, GEM Capital stands as a testament to the transformative power of strategic investments that pave the way for the industry’s exciting future.

GEM Capital Gaming Africa GEM Capital Gaming Africa

Inside Egyptian Stock Exchange’s Latest Plan to Establish a Startup Fund

Charles Rapulu Udoh

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

Inside Egyptian Stock Exchange’s Latest Plan to Establish a Startup Fund

August 13, 2023

In a stride that amplifies its commitment to nurturing Egypt’s entrepreneurial landscape, the Egyptian Stock Exchange has unveiled its latest strategic endeavor — plans to launch a dedicated startup fund. This strategic move follows the recent establishment of a specialized exchange catering exclusively to startups, marking a momentous leap forward in fostering innovation and economic growth.

The inception of this visionary startup fund follows the announcement of plans to establish a startup-dedicated exchange in June. This initiative is poised to provide a powerful impetus to the burgeoning startup ecosystem within Egypt, solidifying the nation’s position as a conducive hub for innovation and growth.

Underlining the exchange’s dedication to offering a diverse array of investment opportunities, the startup fund seeks to attract both local and international investors keen on tapping into the potential of Egypt’s emergent companies. This strategic step not only bolsters the financial support available to startups but also signifies the stock exchange’s pivotal role in shaping the future of the Egyptian entrepreneurial landscape.

As the Egyptian Stock Exchange’s commitment to fostering innovation continues to unfold, the introduction of the startup fund stands as a testament to the nation’s vision of propelling economic expansion through the empowerment of startups.

Egyptian Stock Exchange startup

Egypt Announces Stock Exchange Dedicated to Startups

Charles Rapulu Udoh

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

Antler is Coming to North Africa with a New $60M Early-Stage Fund

August 6, 2023

Antler, a global early-stage venture capital firm, is set to launch a $60 million fund dedicated to the Middle East, North Africa, and Pakistan (MENAP) region. The fund will be led by the experienced entrepreneur and Partner, Dr. Jonathan Doerr. With a mission to bolster the region’s entrepreneurial ecosystem, Antler aims to invest in over 100 startups in the next four years, backing exceptional founders at the earliest stage of their ventures.

Founded in 2018, Antler has a strong philosophy of investing in exceptional people. Across its presence in more than 20 countries, the firm has made over 850 investments, supporting and nurturing over 6,000 founders worldwide. With an impressive end-of-program investment rate of 1%, Antler has proven its commitment to identifying and supporting promising entrepreneurs.

Antler MENAP will kick off its operations with a 12-week program launching in Riyadh, Kingdom of Saudi Arabia, in September 2023. The program is expected to select and nurture 60+ founders from a pool of thousands of applications. Following the completion of the program, top-performing founders will be offered $130,000 USD in funding for an 11% equity stake in their startups, providing them with a strong financial foundation to further develop their ventures.

The firm’s support for founders goes beyond just providing capital. Antler offers a range of resources to empower the entrepreneurs throughout their journey. These include co-founder matching, personalized coaching, and access to a global network of experts and industry professionals. Leveraging its expertise in the MENAP ecosystem, Antler aims to ensure that startups in the region have the best chances of success, providing day-zero investment and assistance with follow-on funding.

Dr. Jonathan Doerr, a seasoned entrepreneur with three successful exits and extensive experience building businesses in the Kingdom of Saudi Arabia and the United Arab Emirates, emphasized the value of a program like Antler. He expressed that as an entrepreneur, he would have highly appreciated being part of a community that not only connects him with high-caliber potential co-founders but also provides tangible support and introductions to relevant individuals within the ecosystem.

With Antler’s MENAP fund poised to make a significant impact on the region’s startup landscape, aspiring founders can look forward to a promising platform that prioritizes exceptional talent and fosters a thriving entrepreneurial environment.

Antler North Africa Antler North Africa

Antler Closes East African Fund At $13.5m, Plans 35 New Investments In 3 Years

Charles Rapulu Udoh

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

Ghana’s Venture Capital Trust Fund Leads $10.5M Investment in Mirepa’s Maiden Fund

August 5, 2023

Mirepa Investment Advisors Ltd., an authorized investment advisor operating in Ghana, is thrilled to announce the successful Initial Close of its inaugural fund, the Mirepa Capital SME Fund I (MCSFI). The Fund, with a capital of GHS 120 million ($10.5M), aims to fill the funding gap for Ghanaian small and medium-sized enterprises (SMEs) in the range of GHS 2.4M to GHS 24M ($200K — $2M), providing patient capital support.

Focusing primarily on light manufacturing, technology, and cleantech ventures, MCSFI targets businesses within the agribusiness/agroprocessing, education, healthcare, financial services, and business services sectors, including industrial and mining support. This milestone achievement establishes the Fund as the second in Ghana to be anchored solely by local investors, led by the Venture Capital Trust Fund (VCTF) and prominent pension funds, following the precedent set by Injaro’s IGVCF fund.

The initial group of investors for Mirepa Capital SME Fund I comprises distinguished local institutions, including the Venture Capital Trust Fund (VCTF), Petra Trust, Axis Pensions, and various schemes under CAL Asset Management Company Limited (CAMCOL). Their support demonstrates a strong commitment to fostering the growth of SMEs in Ghana.

Mirepa Capital SME Fund I aims to provide patient capital to high-growth SMEs across the country, contributing to economic expansion, job creation, wealth generation, and exciting returns for its investors. By strategically investing in promising SMEs, MCSFI seeks to unlock their full potential and empower them to thrive, thus fueling Ghana’s economic growth.

Ms. Enyonam Kakane, executive director of Mirepa Investment Advisors Ltd., highlighted the firm’s dedication to gender lens investing and job creation, emphasizing that MCSFI will play a pivotal role in creating jobs, driving economic prosperity, and fostering sustainable development in Ghana by investing in high-growth SMEs. Mirepa Investment Advisors is committed to making a positive impact through MCSFI’s investments, particularly under its gender lens investing strategy, which actively supports and empowers portfolio businesses to promote inclusivity and gender diversity.

Representatives from each participating institution also shared their perspectives on the significance of this milestone:

[Mr. Yaw Owusu-Brempong, CEO of Venture Capital Trust Fund]: Commended the VCTF’s support for talented young individuals partnering with SMEs in strategic sectors of the Ghanaian economy. The VCTF’s investment in MCSFI aligns with its strategic plan to support promising fund managers and SMEs in the country.

[Ms. Yvonne Buliga, Head of Portfolio Management, Petra Fund Services]: Expressed delight in being part of Mirepa Investment Advisors’ first funding round, believing that supporting SME growth contributes to driving innovation and securing the future of Ghana’s economy.

[Mr. George D. Allotey, CIO of Stanbic Investment Management Services Limited (representing Axis Pension Trust Limited)]: Proudly associated Axis Pensions with Mirepa Capital SME Fund I, highlighting the focus on nurturing high-potential SMEs and promoting sustainable investments with positive social impact.

[Mr. James Elijah Donkoh, CEO of CAL Asset Management Company Limited]: Welcomed the introduction of MCSFI as a timely development in the market and expressed hope for the Fund’s professionalism and diligence in generating significant value for stakeholders.

Mirepa Capital SME Fund I operates under the regulation of the Securities and Exchange Commission (SEC) of Ghana. Mirepa Investment Advisors extend their gratitude for the trust and support shown by investors and eagerly anticipate working closely with Ghana’s SMEs to create a lasting impact on the nation’s economic landscape.

African Fintech and Web3 Leaders to Convene at the Africa Money and DeFi Summit in Ghana

Charles Rapulu Udoh

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

REdimension Unveils a New $10.8M Fund for Proptech Startups in South Africa

August 3, 2023

REdimension Capital, a prominent real estate investment firm, has successfully secured R200 million ($10.8 million) in funding for South Africa’s flourishing property technology (proptech) start-ups. This achievement was announced in a recent statement, revealing the first close of the REdimension Real Estate Technology and Sustainability Fund I.

The fund has garnered strong support from stakeholders within the real estate sector and aims to invest in early-stage technology companies that can bring tangible improvements to property development, management, and engagement processes. Through strategic collaboration with industry stakeholders, the fund has established a mutually beneficial ecosystem, intending to generate both investment and operating returns while fostering the adoption of technology and promoting sustainable outcomes.

REdimension Capital is proud to have gained the trust and backing of its founding investors, which include major players such as Investec Property Fund, Growthpoint Properties, and Rand Merchant Bank, anchoring the fund. Additionally, it has received support from Liberty Two Degrees, Liberty Group, Sphere Holdings, and others.

The founding investors contribute significantly to the fund’s strategic foundation, managing over 650 properties across various sectors, totaling more than 11 million square meters of gross lettable space, valued at over R235 billion. Further strategic commitments are expected to be made before the final close, scheduled for January 2025.

The fund’s investment strategy revolves around high-impact solutions at the intersection of real estate and technology. It takes a thematic approach, focusing on areas that offer clear value propositions and address challenges within the sector. This includes built-world technologies that enhance asset experiences, streamline management processes, and promote the digitalization of the real estate industry.

Sustainability forms a core aspect of the fund’s mandate, with a commitment to supporting technologies that promote energy efficiency, reduce carbon footprints, and positively contribute to local community engagement. By doing so, the fund aims to enhance climate resilience within the real estate sector and promote social inclusion.

As a fund backed by established industry players, its primary goal is to support early-stage proptech companies with scalable business models and provide a platform for distribution and value creation.

Peter Clark and Matthew Marshall, the founders of REdimension Capital, expressed their excitement about achieving the first close for the REdimension Real Estate Technology and Sustainability Fund I. They see this as a significant milestone in the evolution of property technology investment in South Africa and are eager to deliver for their founding investors, while making a meaningful and lasting positive impact on the markets they operate in.

REdimension fund South Africa REdimension fund South Africa

Digital Payment Service PayShap Closes in on a Million Transactions

Charles Rapulu Udoh

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

Safaricom Backs Startups with New Funding Ventures

July 29, 2023

During Safaricom ’s annual shareholders meeting, the shareholders of the Kenyan operator approved the establishment of two new subsidiaries. The first subsidiary is dedicated to investing in seed-stage companies, while the second one focuses on growth-stage startups. This decision marks a significant move towards supporting entrepreneurs and fostering innovation within the Kenyan tech community, as stated in an official statement.

The first new subsidiary involves the incorporation of a company limited by guarantee, specifically aimed at investing in seed-stage startups. This initiative builds upon the existing Spark Fund, which is an investment entity governed by a Board of Trustees under Safaricom. The primary goal of this new entity is to nurture and support seed-stage start-ups across Kenya. Additionally, the establishment of this entity is expected to streamline administrative processes and enhance governance. Among the companies already part of the Spark Fund portfolio are notable ventures such as Shupavu 291 by Eneza education, which focuses on mobile-web learning for primary and secondary school students; iProcure, which provides an agricultural supply chain platform in rural Africa; and Sendy, a tech company specializing in building fulfillment infrastructure for e-commerce and consumer brands.

The second new subsidiary will be a private limited liability company with the mandate to invest in mature and strategically aligned entities. These investments are intended to play a pivotal role in accelerating Safaricom’s mission of becoming a tech company by 2025. This entity will act as the primary investment vehicle for all strategic investments undertaken by Safaricom.

Peter Ndegwa, the CEO of Safaricom, emphasized that these new companies will expedite the business’ entry into new customer segments within the consumer, financial services, enterprises, and SME space. Moreover, they are expected to unlock new business models and create opportunities along the value chain.

During the annual shareholders meeting, the shareholders also gave their approval for a final dividend of KES 0.62 per ordinary share. The total dividend payout amounts to KES 24.84 billion. The dividend is scheduled to be paid on or around 31 August to shareholders who are registered as of 28 July.

Safaricom startups Safaricom startups

Kenya’s FarmWorks Secures $4.1M Led by Acumen Resilient Agriculture Fund

Charles Rapulu Udoh

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

Paris-based Breega Group Raising Maiden Fund to Invest in African Startups

July 27, 2023

Breega Group, a Paris-based tech venture capital firm founded a decade ago by Ben Marrel, François Paulus, and Maximilien Bacot, is currently in the process of raising a fund to invest in African startups. With a focus on both social impact and commercial success, Breega Group carefully evaluates each investment opportunity to ensure meaningful contributions to the businesses they support and their own company.

The firm recently announced their latest fund, Breega Venture II, on June 23, 2022, and has already secured €250 million for this fund. In total, across all five of their funds, Breega Group has successfully raised €560 million.

Breega Group targets innovative startups with the potential to become world-class companies. They operate an inclusive investment process, fostering collaboration within their team to eliminate bias. Supporting founders at every stage of their journey is a core value for Breega Group, and they actively engage with portfolio companies, serving as an extension of their team. They also provide an on-demand Scaling Squad, lead or co-lead investments, and are open to co-investing with VCs who share their values. Taking board seats allows them to offer meaningful contributions to governance and strategy, providing counsel, championing, and challenging their portfolio companies.

For entrepreneurs seeking funding, Breega Group offers full-stack funding, encompassing capital, connections, expertise, experience, and unwavering support. Their funding spans from pre-seed to impact, providing backing at every stage of a startup’s growth.

Breega Group has already invested in various early-stage tech companies across the African continent, including Numida in Uganda and Kwara in Kenya. Notably, they recently participated in a funding round for YMO, a fintech startup in Guinea, which successfully raised €3 million.

Entrepreneurs interested in seeking funding from Breega Group can apply through their website. Breega Group is committed to fostering the growth and success of African startups and aims to make a positive impact both socially and commercially with their investments.

Guinean Fintech Startup YMO Raises $3.1M To Scale In West Africa

Charles Rapulu Udoh

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