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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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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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