Future Africa, an Africa-focused venture capital firm, has announced that it has invested $3 million in 13 startups so far in 2021, more than doubling its total investments in 2020.
Iyinoluwa Aboyeji, the firm’s CEO, outlined the firm’s goals for the year, which include expanding Future Africa Collective’s investor pool and finding and funding innovators more quickly. He also promised to put at least $1 million into female entrepreneurs.
That number has allegedly been reached, with $1 million going to female founders out of the $3 million invested.
The portfolio’s diversity has improved as well, with startups from Nigeria, Ghana, Kenya, Tanzania, and South Africa now included. The names of some of the startups that were funded were withheld because they had not yet announced their raises.
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 founded in January 2020 with the goal of providing early-stage African startups with funding, coaching, and support. This came as a result of Aboyeji’s fundraising efforts for Andela and Flutterwave.
Individuals can invest a minimum of $5,000 per year with a $1,000 annual subscription fee through Future Africa’s model, while Limited Partners can invest up to $25,000 per quarter.