A new early-stage investment fund has been set up for African startups and founders. This initiative, called the Future Africa fund, was set up by Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave.
Every year, the Future Africa fund will support up to 20 founders with a capital of USD 50,000. Already, the fund is supporting about 15 startups with investments. Included in those startups are 54gene, Max.ng, Fibre, and MdaaS Global.
The creators of the fund are positive that the fund will provide those early-stage startups with access to a network of talent and early customers. This could fast-track the success of such startups.
“We will also host public and private virtual office hours where we will help founders navigate the many complex scenarios that arise while building a high growth startup in Africa in real-time,” Aboyeji said.