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    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

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    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

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    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

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    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

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    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

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Future Africa has reportedly invested $3 million in African startups in 2021

by Eucharia Egwuma
May 19, 2021
in Business
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Future Africa has reportedly invested $3 million in African startups in 2021
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Africa-focused venture capital firm, Future Africa, has revealed via a statement on its website that so far in 2021, it has invested $3 million — more than double its total investments in 2020 — in 13 startups.

In a January post, CEO, Iyinoluwa Aboyeji laid out the firm’s plans for the year, which include growing Future Africa Collective’s pool of investors while finding and funding innovators faster. He also committed to investing at least $1 million in female founders. 

That number has supposedly been reached with the statement claiming that of the $3 million invested, $1 million has gone to female founders. 

The diversity of their portfolio has also improved to include startups from Nigeria, Ghana, Kenya, Tanzania, and South Africa. Seeing as some of the startups funded had not yet announced their raises, their names were withheld. 

However, 4 of the 13 startups were named: Termii, an Internet marketing startup that enables businesses to analyse and optimise communication across email, SMS, voice, and WhatsApp; Lami, an insurtech startup; Ongair, a customer service platform for businesses; and Stitch, an API fintech startup.

Future Africa was launched in January 2020 to provide funding, coaching, and support for early-stage African startups. This came following Aboyeji’s experiences raising funds for Andela and Flutterwave. 

Future Africa runs a model that lets individuals invest a minimum of $5,000 yearly with an annual subscription fee of $1,000, while Limited Partners can invest up to $25,000 per quarter. 

Although African startups have seen more funding in recent years, most of it still comes from investors outside the continent who typically cut larger cheques than local investors. As such, the activities of local investors like Future Africa are a welcome development.

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