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.
“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.
Moove, a leading technology-driven vehicle subscription platform, has raised an $76 million in its latest funding round consisting of $28m in equity from new and existing investors.
Early-stage venture capital firm Launch Africa Ventures has launched its Mezzanine Impact Fund, a new initiative aimed at providing growth capital to technology companies in Africa and the Gulf Cooperation Council (GCC) region.
The African Development Bank (AfDB) has approved a $100 million loan to support youth and women-led micro, small, and medium enterprises (MSMEs) in Nigeria through the Youth Entrepreneurship Investment Bank (YEIB) initiative.
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