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VC firm Founders Factory Africa secures $114 million to support African tech startups

New Investments

VC firm Founders Factory Africa secures $114 million to support African tech startups

Founders Factory Factory, a renowned venture capital company, has secured $114 million in funding to support and accelerate the growth of tech startups across Africa.
 

The substantial investment underscores the confidence in the continent’s burgeoning tech ecosystem and its potential to drive innovation and economic progress.

Founders Factory’s funding will be strategically distributed across a diverse portfolio of startups spanning various sectors, including fintech, health tech, agritech, edtech, and more.

This approach reflects the company’s commitment to nurturing innovation across multiple industries, focusing on harnessing technology for positive societal impact.

The significance of Founders Factory’s approach extends beyond monetary investment.

Selected startups will receive financial support and access to a network of seasoned mentors, industry experts, and successful entrepreneurs.

This comprehensive support system aims to accelerate the growth trajectory of these companies and position them as leaders in their respective fields.

“We are excited to have new and dynamic funding, which follows on from previous investments into Founders Factory Africa by Standard Bank Group, Small Foundation and Netcare Group,” Founders Factory Africa co-founder Alina Truhina said.

The Ksh.16 billion funding milestone marks a significant leap forward for Founders Factory and the African tech ecosystem, emphasizing the value of strategic investment in nurturing innovation and fostering sustainable development on the continent.

Since its inception in 2018, Founders Factory has catalyzed over 55 African tech startups.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Naadiya Moosajee

Naadiya Moosajee

Naadiya Moosajee is a remarkable South African engineer and entrepreneur, who stands out as a beacon of inspiration and a driving force for gender diversity in the engineering realm.

Her journey took a remarkable turn when she founded WomHub, an innovative company supporting high-growth female founders in STEM through our engineering labs, co-working space and fund. The organization is dedicated to breaking down barriers and empowering women in the engineering industry.

Through WomHub, Naadiya and her team have tirelessly worked to bridge the gender gap in engineering by providing mentorship, skill development, and networking opportunities for aspiring female engineers.
Their efforts have not only nurtured a supportive community for women in STEM but also instigated vital conversations about inclusivity and equality.

Under Naadiya’s leadership, WomHub has grown into an international movement, creating ripples of change across continents.
From workshops and conferences to scholarships and advocacy campaigns, Naadiya’s dedication to leveling the playing field for women in engineering has left an indelible mark on the industry. Her belief in the potential of women to drive innovation and solve complex challenges has sparked a positive transformation, inspiring young girls to dream big and pursue their engineering passions.

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Hany Al-Sonbaty is an Egyptian entrepreneur, investor, and visionary who has played a pivotal role in shaping the future of the MENA startup ecosystem.

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Rodrigue Msechu

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Rodrigue Msechu is a Tanzanian entrepreneur and business advisor. He is the founder and CEO of Anza Strategy, a business advisory firm that helps companies enter and grow in the African market.

After graduating from university, Msechu worked as an international trade adviser at the French embassy in Nairobi. In this role, he helped French companies to invest in and trade with East Africa. He later founded Anza Strategy to help companies to enter and grow in the African market by providing market intelligence, business advisory services, and investment matchmaking services. The company has advised more than 30 companies from four continents on their African expansion plans.

Msechu is a passionate advocate for economic development in Africa. He is a member of the African Business Leaders Network and the Young Presidents’ Organization. He is also a mentor to young entrepreneurs in Tanzania.

In 2019, he was named to the Forbes 30 Under 30 list in Africa, and his work was recognized for helping to promote economic transformation in Africa.
Msechu is a rising star in the African business community. He is a visionary entrepreneur committed to making a difference in the continent. He is an inspiration to young people across Africa who are looking to build successful businesses and contribute to the continent’s development.

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Zandile Mkwanazi

Zandile is an award-winning social entrepreneur who dreams of empowering 10 million women and girls with tech and coding skills by 2030.

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Chido Cleopatra Mpemba

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Chido is a trailblazer making waves in the realms of youth empowerment, leadership, and environmental advocacy in Africa and beyond.

From her early days, she embarked on a journey fuelled by a deep-rooted desire to uplift the voices of the youth and inspire positive change. Her dedication led her to work closely with organizations such as Generation Unlimited, where she has played a pivotal role in creating opportunities for young minds to unleash their potential and drive innovation.

She is currently serving as the Youth Envoy at the African Union Commission.
As the African Union Youth Envoy, Chido has become a resounding voice for the aspirations of the African youth. Her efforts to amplify their concerns on the regional and international stage have earned her admiration and respect across borders.

By advocating for policies that prioritize youth development, education, and employment, she paves the way for a brighter future for countless young individuals.
Her commitment to environmental sustainability is equally inspiring.

Through her endeavours, she underscores the importance of collective action in tackling the urgent environmental challenges we face today.
She was recently recognized with the International Environmental Leadership Award, a testament to her dedication to safeguarding our planet.

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Njavwa Mutambo 

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Njavwa Mutambo is a Zambian serial entrepreneur with over ten years of experience in the technology industry.

He is passionate about using technology to solve real-world problems. Njavwa is the founder and CEO of Caantin, formerly TopUp Mama, a platform that builds technology and products that help restaurant entrepreneurs manage, purchase, and finance their inventory.

Powered by AI, Caantin is building infrastructure to enable commerce and level the playing field for all, from mom-and-pop restaurants to local fruit suppliers, to increase global GDP. Njavwa previously worked at Lori in a Global Product Operations role and co-founded Musanga Logistics. This logistics company provides last-mile delivery services to businesses in Kenya. He inspires entrepreneurs and changemakers across Africa and mentors budding entrepreneurs at Google for Startups.


Powered by AI, Caantin is building infrastructure to enable commerce and level the playing field for all, from mom-and-pop restaurants to local fruit suppliers, to increase global GDP.
Njavwa previously worked at Lori in a Global Product Operations role and co-founded Musanga Logistics. This logistics company provides last-mile delivery services to businesses in Kenya. He inspires entrepreneurs and changemakers across Africa and mentors budding entrepreneurs at Google for Startups.

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Yassir: The Algerian Superapp that is changing how daily services are provided in Africa and beyond

StartUp Spotlight

Yassir: The Algerian Superapp that is changing how daily services are provided in Africa and beyond

The state of super apps in Africa is rapidly evolving. In recent years, there has been a surge of startups developing super apps that offer a variety of services under one roof.

These super apps appeal to African consumers looking for convenience and affordability.

One such super app is Yassir.

Yassir is an Algerian super app that provides a suite of services to make life easier for Africans.

Founded in 2017 by Noureddine Tayebi and El Mahdi Yettou, Yassir offers services in ride-hailing, food delivery, and financial services.

Yassir currently operates in 45 cities across Algeria, Morocco and Tunisia, with recent expansions into France, Canada and Sub-Saharan Africa.

It is backed (~$200M in funding) by VCs from Silicon Valley, Europe and other parts of the world.

The super app offers on-demand services such as ride-hailing and last-mile delivery.

Building on this infrastructure, Yassir has embarked on introducing financial services to help users pay, save and borrow digitally.

The move is aimed at helping usher the continent into a digital economy era.

Yassir’s Mission

Yassir’s mission is clear: to empower Africans with the ultimate convenience and elevate their daily experiences.

By bridging the gap between service providers and users, Yassir is creating a platform that enhances the quality of life for its users while providing valuable opportunities for local businesses to thrive.

Their commitment to excellence and innovation is palpable in every aspect of their operations.

Yassir’s story is a testament to the potential of innovation and determination.

Their user-centric approach and commitment to excellence have redefined how Africans experience convenience.

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