Despite the economic challenges posed by the COVID-19 pandemic, Future Africa, a pioneering venture capital firm, has continued to invest in promising African startups. In the third quarter of 2020, the firm injected $1 million into nine innovative companies across various sectors, including fintech, healthcare, and e-commerce.
Future Africa’s unique investment approach, which leverages a diverse funding model encompassing angel investor syndicates, a rolling fund, and its own dedicated fund, has enabled it to consistently support high-growth potential ventures. This strategy has allowed the firm to build a robust portfolio of 35 startups, each poised to address critical challenges and drive economic growth across the continent.
Among the companies receiving funding this quarter are:
- Bamboo: A platform empowering Nigerians to invest in both domestic and international stock markets.
- Eden: A tech-enabled concierge service simplifying everyday life for Nigerians.
- Releaf: A company revolutionizing the agricultural value chain by focusing on sustainable palm oil production.
- Tambua Health: A developer of innovative, non-invasive lung imaging devices crucial for primary healthcare.
- Indicina: A fintech company building a robust credit infrastructure to enhance financial decision-making across Africa.
- Evolve Credit: A platform empowering Nigerians to make informed financial decisions through access to a diverse range of financial services.
- Shara: A distribution platform providing vital financial and logistical support to fast-moving consumer goods (FMCG) companies.
- Myawayhome: A trusted platform connecting diasporans with property ownership and management opportunities in their home countries.
- Stears: A media and data network providing critical information to individuals, organizations, and governments across Africa.
Iyinoluwa Aboyeji, Founder of Future Africa, emphasized the firm’s commitment to supporting innovators who are transforming Africa’s challenges into significant business opportunities. He highlighted the growing importance of sectors like remittances, financial infrastructure, media, and environmental sustainability.
Furthermore, Future Africa has reopened admissions to its Future Africa Collective, inviting a new wave of angel investors to join its existing community of 125 members. This exclusive community provides members with the opportunity to co-invest alongside Future Africa in promising startups, fostering a collaborative ecosystem of investors and entrepreneurs.
