In the* that is midst( of a funding downtime last year, and with conditions getting tougher for fund managers raising capital as backers (limited partners) enhanced their focus on strategy and track record, some new African and Africa-focused funds still emerged, with several of the existing ones receiving fresh backing.

Among the notable VC funds that came up last year include the $300 million Partech Africa II, the largest Africa-focused fund to date, and Africa People + Planet fund by Novastar Ventures, an over $200 million pool that will invest in agriculture and climate sectors. Meanwhile, Norrsken22, one of the VCs that is biggest in Africa, got fresh backing because of its Norrsken22 African Tech development Fund, alongside the ultimate finishing of their first investment.

New VCs also proceeded to surface, including Chui Ventures, that has a focus that is gender-inclusive its plan to back founders in Africa focused on mass-market products. Its maiden fund bagged* that is( from Mastercard, to provide an industry which has recently gotten clamor for neighborhood money.

Africa’s capital raising and equity that is private managers secured $2.4 billion across 43 deals across the year, according to data tracker and market insights firm Briter Bridges’ latest report.

Looking ahead, in 2024, what investment opportunities are new funds and VCs tapping in Africa? Brian Odhiambo, a partner at Novastar Ventures, said opportunities abound in fintech and climate sectors.

“We Believe that the megatrends in Africa are the good explanation to hold investing. Africa gets the world’s youngest and quickest developing populace, every one of who tend to be more and more savvy that is tech. We currently have the largest available arable land and the carbon sink that is largest in the planet outside the Amazon. Urbanization in Africa normally the quickest developing within the global world.”

Odhiambo, particularly, sees enormous scope for disruption in the energy and agricultural industries noting that “much of the continent’s population is still underserved by existing energy providers and will need alternative sources of power for domestic and use that is productive. Since the continent will continue to broaden, agriculture provides a opportunity that is big technological disruption. We are especially interested in technologies that help make food production efficient and ”( that is sustainable Ventures’ managing companion, Joyce-Ann Wainaina, an ex-Citi manager, just who established a gender-inclusive VC investment a year ago, additionally views a chance to touch world’s largest intercontinental free trade area, and African females, just who she states tend to be “the most entrepreneurial in the field.”

 

More to come

As the season advances, Ms. Wainaina needs funds that are new emerge and existing ones to get capitalized. Already, Seedstars Africa Ventures has received $40.5 million backing that is fresh EIB Worldwide and AfdB and Rally Cap, an early-stage investment capital company centered on promising areas in fintech, made inroads in to the environment industry with a brand new investment.

“I Believe that we will see a complete lot more local VC funds emerging in Africa, to meet the capital needs in the market. There is a need that is real help neighborhood business owners as formal job opportunities in Africa cannot absorb the vast quantities going into the employment market every year. The continent needs a complete lot more VC funding to address this gap. Local VCs will provide stability particularly when market that is global tend to be reduced. We continue to be optimistic concerning the future of VC in Africa,” said Ms. Wainaina.

Below we overview funds that emerged or got capitalized year that is last funds

Partech Africa II

Partech Africa is one of the most VCs that is active in that invests in Series the and B technology startups creating solutions for financial areas which are typically very disconnected and casual in Africa.

The Partech Africa II investment achieved its very first close of $263 million year that is last in startups in various sectors including fintech, health tech, logistics, mobility and edtech. The fund that is second its very first fund launched in 2018.
Fund Size* that is(: $300 million
Target: Series A and B companies

Africa People + Planet Fund

Novastar Ventures’ new fund will back sustainable, planet-positive, mass-market business models across Africa. The fund got $25 million backing from the U.S International Development Finance Corporation (DFC). The pan-African VC firm also got $40 million in multifund commitment from SBI Holdings, a Japanese financial services conglomerate and one of the venture capital firms that are largest within the eastern Asian nation.
Fund Size* that is(: Over $200 million
Target: The fund targets climate and clean techs, marketplaces and initiatives that contribute to community resilience through the delivery of financial and supply chain services.

Founders Factory Africa
Founded in 2018, FFA provides funding and hands-on support to early-stage founders building local solutions to local challenges in South Africa, and it is backed by corporate and impact investment partners.

The South African early-stage accelerator and investor raised $114 million in funding year that is last. It intends to carry on purchasing startups with its primary areas of focus including fintech, agtech and wellness startups but they are additionally thinking about other people including logistics technology, e-commerce tech that is clean enterprise tech and HR recruitment.
Fund Size* that is(: $114 million
Target: Early-stage startups.

Africa Innovation & medical Fund 2
The AHF2 fund is handled by AAIC Investment, that has supported financial investment tasks of Japanese CVCs since 2017. It established the Africa Innovation & Healthcare Fund 2 in 2022, which attained a close that is second year to reach $40 million. Its fund that is initial reached47 million.
Fund Size* that is(: $150 million
Target: The fund will invest in Series A and B companies in Kenya, Nigeria, South Africa and Egypt in medical and healthcare sectors and tech companies in social infrastructure fields including finance, insurance and logistics.

Al Mada Ventures
Al Mada Ventures (AMV) is a venture capital firm spin-out of Morocco’s Al-Mada holdings, one of Africa’s largest investment that is private. Its profile businesses consist of Susu, a French- and health that is ivorian-based.
Fund Size* that is(: $110 million
Target: The evergreen fund will deal with a gap in growth-stage businesses in economic solutions, wellness, logistics, green power, mining, circulation, retail, knowledge and telecommunications areas.

Saviu investment II
Saviu Ventures is a Francophone Africa VC, established in 2018. Its 2nd investment made a preliminary close of €12 million year that is last and has so far backed Waspito, a Cameroonian health tech; Rubyx, a Senegalese digital lending SaaS provider; and Workpay, an HR-payroll provider.
Fund Size* that is(: $32 – $54 million
Target: Seed-stage startups mainly in fintech, wellness technology and environment technology sectors.

Chui Ventures
Chui Ventures is a VC that is pan-African investing early-stage startups. It was launched year that is last its maiden fund has gotten $9 million backing from Mastercard’s Africa development Fund
Fund dimensions: Over ten dollars million
Target: It offers a gender-inclusive focus and it is supporting African creators creating mass-market solutions.

Sony Innovation Fund: Africa (SIF: AF)
Sony Ventures Corporation (SVC), the tech that is japanese venture arm, last year set aside a $10 million fund to invest in African entertainment startups. It recently invested in African gaming startup Carry1st.
Fund Size* that is(: ten dollars million
Target: Early-stage startups in video gaming, songs, movie and material distribution.

P1 Ventures
P1 Ventures was released in 2020 and achieved the very first close of their 2nd investment at $25 million year that is last. Its investees from the first and fund that is second, Gameball, Reliance wellness, Nkoloso.ai, Chari, Djamo and Yassir.
Fund Size* that is(: Unknown
Target: P1 is investing in e-commerce, fintech, insurtech, health tech and SaaS and AI startups. The VC firm regards itself as a investor that is multistage

E3 minimal Carbon Economy Fund for Africa (E3LCEF)
The E3LCEF is a climate-tech investment by early-stage VC E3 Capital (formerly Energy Access Ventures), and appearing investment that is markets-focused Lion’s Head Global Partners. It reached a first close of $48.1 million year.
Fund that is last Size* that is(: $100 million
Target

: It targets solar providers and EV startups in sub-Saharan Africa.
EquatorEquator
is a climate tech venture capital firm focused on sub-Saharan Africa keen on seed and Series A startups. The VC firm, which emerged year that is publicly last had a preliminary $40 million close a year ago and has now up to now committed to SunCulture, Apollo Agriculture, Odyssey Energy possibilities and Roam.Fund size
: unidentifiedTarget

: Equator is supporting seed and Series the startups in power, farming and flexibility areas.
Catalyst FundfundThe pan-African early-stage
had been launched in 2016 as a pre-seed accelerator dealing with difficulties such as for instance financing, skill and marketplace accessibility for startups; nevertheless, in 2022 it turned from an accelerator to a VC investment and achieved an initial close of $8.6 million year that is last. Its investees include Octavia Carbon, a air that is direct capture startup, and Sand to Green, that is changing deserts into arable places.Fund Size* that is(: $40 millionTarget

: Climate related startups including agtechs, insurtechs, climate fintechs and startups in fishery management, food systems, cold chain, waste management and water management.
VKAVVerod-Kepple Africa Ventures
is a pan-African fund launched in 2022 as a joint venture between Verod Capital, a private equity firm and Kepple Africa, a venture capital firm that is tokyo-based. It achieved a $43 million close that is second March last year and secured a further $10 million investment months later from Japan’s ICT and Postal Services (JICT). It has so far invested in 11 startups Cloudline that is including and Moove.Fund Size* that is(: $100 million.Target

: To invest in Series A and B fintech, e-commerce and logistics ventures across Africa.
VestedWorldVestedWorld
is an VC that is early-stage that invests in Ghana, Kenya and Nigeria. This past year it got ten dollars million backing from Mastercard Africa development Fund.Fund size
: unidentifiedTarget

: It primarily invests in agribusinesses, customer items and businesses that are technology-enabled in Ghana, Kenya and Nigeria. Its secondary target markets are Ethiopia, Rwanda, Tanzania and Uganda.
DisrupTech
DisrupTech fund was launched in 2021 to back fintech and fintech-enabled companies like insurtechs and startups that are e-commerce. French DFI Proparco launched a $5 million backing into DisrupTech Ventures year.
Fund that is last Size* that is(: $36 million

Target

Enza: To straight back early-stage endeavors in Egypt’s fintech industry.
Enza Money resources is a multi-stage that is pan-African. The VC firm closed $58 million across two funds, including Enza Growth Capital launched in 2022, last year.
Fund size: Unknown

Target

: fintech, logistics, health, human capital and climate tech companies.closeREdimension Real Estate Technology and Sustainability Fund I
It is the fund that is first Southern Africa proptech VC REdimension Capital that achieved an initial of ten dollars million a year ago following its launch in 2021.
Fund Size* that is(: Unknown

Target
: Proptechs digitizing the real estate sector in South Africa.fundSA SME Fund
It is a* that is( for funds providing necessary exchangeability to later-stage VC funds in Southern Africa to foster entrepreneurship in the nation.
Fund size: $30 million

Target

: VC investment managers in Southern Africa
Norrsken22Funds which had last closes
Norrsken22 African Tech development Fund African Tech development Fund was released in January 2022, and achieved the ultimate close of $205 million year that is last. Its investees include digital banking platform TymeBank, B2B commerce platform that is retail, identification confirmation answer Smile Identity, automobile funding system Autochek and SME loan provider Shara.
Fund Size* that is(: $205 million[health tech]Target

: To invest in Series A and B companies developing fintech, edtech, medtech
and market-enabling solutions.Knife CapitalKnife Capital III
The South African growth-stage investor announced a final close of its third fund, launched in 2021, last year to invest in 10-12 firms. The firm said it plans to invest an cheque that is average of3 million. It offers up to now committed to DataProphet, a south AI-as-a-service that is african, and Kasha, a Rwandan health access platform.
Fund Size* that is(: $50 million

Target
: to purchase B2B companies mainly edtech, wellness technology, fintech, AI and agritech ventures, and connection Series B financing gap in Southern Africa.
Gaia Energy influence Fund IIThe investment, that is a brainchild of Gaia influence, Capital Croissance, Schneider Electrical, Capelan, and Investisseurs & Partenaires (I&P) is purchasing “sectors encompassing energy that is decarbonized, productive energy utilization, electric mobility, new energy solutions, and enabling technologies.”
Fund Size* that is(: €80 ($86) million

Target
: GEIF II will purchase seed, Series the and Series B startups and SMEs within the green power worth sequence, with 85% of those from sub-Saharan Africa.
Energy Entrepreneurs development FundEEGF is an initiative by Shell Foundation and FMO, established in 2019, and offers mezzanine, debt and equity investments. The fund is jointly managed by Dutch impact investment manager Triple Jump, and sector that is off-grid builder Persistent. The investment achieved your final close year.
Fund that is last Size* that is(: $125 million

Targetfund: Early and growth-stage businesses into the power industry in Africa.
Seedstars Youth well-being VenturesSeedstars Capital and Swiss philanthropic foundation Fondation Botnar launched Seedstars Youth Wellbeing Ventures
a year ago. The investment that is evergreen will back startups including those that advance health services, environmental sustainability and ecological resilience (like access to clean energy), local food security, water and sanitation, waste management, affordable housing, access to employment and safe and sustainable transportation in Tanzania, Ghana, Senegal, Morocco and Egypt.Fund Size* that is(: $20 million
TargetPepea: Pre-seed to Series the startups
Pepea fundImpact investor Goodwell Investments and Oxfam Novib, a Dutch basis and Oxfam Global affiliate, arranged
, the investment, to give funding to early-stage startups in Kenya, Uganda and Ethiopia. The investment, made up of the backing of Oxfam Novib Impact Investments, will offer mezzanine finance, that is a debt which can be converted into equity.Fund Size* that is(: €20 million

Target
Alterra Capital: Early-stage businesses that have been in existence for one to five years. It will invest in businesses in sustainable agriculture, energy, clean mobility, logistics and waste management sectors, which produce basic goods and services that represent a huge proportion of household spending for lower-income communities.

Private Equity FundsAlterra Capital Partners
, an Africa-focused private equity firm backed by Africa’s man that is richest Aliko Dangote, guaranteed $140 million. Its investees consist of Nigeria on the web vacation organization Wakanow, local financial organization Access Bank and logistics organization J&J Africa.Fund Size* that is(: $500 million.
Targetclose: It invests in a number of sectors, including consumer goods, telecommunications, technology, logistics healthcare.
Convergence Partners Digital Infrastructure FundThe fund, launched by PE firm Convergence Partners, hit a final
last year, and plans to play a pivotal role in ensuring sustained growth of digital technologies across sub-Saharan Africa.Fund size

: $296 million

uMunthu II fundTargetclose: The fund will mainly invest in “digital infrastructure opportunities” and this includes investments in fiber networks, data centers, wireless, towers, cloud, Internet of Things (IoT), artificial intelligence (AI) and others that are essential in the growth of the african economy that is digital. Also, besides purchasing actual possessions, its keen to guide businesses that are tech-enabled support access to education, financial services, healthcare and other essential services.
uMunthu II fund, by Goodwell Investments and Alitheia Capital, both impact private equity firms with extensive experience in Africa, reached a first
of €57 million ($61 million) last year.Fund Size* that is(: $150 million (minimal target)
TargetFund: neighborhood business owners and offering neighborhood answers to neighborhood problems, especially those “ensuring top-quality, fairly listed goods and solutions for underserved low-income groups.”SanariSanari 3S Growth Fund
Sanari 3S development is through prominent South African private equity company
money, which had an extra close of $65 million year.

Fund that is last Size* that is(: $100 million(*)Target(*): It invests in “founder-run, owner-managed and family-owned organizations over the mid-market part.”(*)Do An update is had by you about brand new resources or resources mentioned above? Get in touch with the publisher via [email protected].(*)

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