BY TOM JACKSON
The Future Africa fund, launched in 2020 by Andela and Flutterwave co-founder Iyinoluwa Aboyeji, has invested US$1.1 million into 17 companies so far in 2022, adding 15 new ventures to its portfolio.
Disrupt Africa reported in January 2020 that Aboyeji had launched Future Africa alongside Olabinjo Adeniran and Adenike Sheriff.
The initial aim was to build an online community to facilitate conversations about Africa’s future, but the team soon realized more was necessary and started a process of evolution. The key plank of this is the Future Africa fund, which was opened to co-investors in April 2020.
That community of angel investors – the Future Africa Collective – invested US$4.3 million into 43 companies in 2021, taking its total assets under management (AUM) to US$30 million, and it started strongly in 2022.
So far, it has invested US$1.1 million into 17 companies and welcomed 15 new companies into its portfolio by the end of April 2022. Nine of these investments were at pre-seed, six at seed, and two at Series A, and they bring Future Africa’s total portfolio company count to 79.
“We welcomed startups from Nigeria, Kenya, and South Africa, and made our first investment in Uganda in April. Other investments outside the continent are in products serving the African market,” Future Africa said.