Future Africa Has Invested $3m In 13 Startups, Increased Portfolio To 47 Startups In 2021
Future Africa has invested $3m in 13 startups, increased portfolio to 47 startups in 2021
With 2021 approaching the halfway point, Iyin Aboyeji's Future Africa has already invested $3 million in 13 different African startups. This was revealed in a statement issued by the venture capital (VC) firm on Monday.
Termii, Lami, Stitch, and Ongair are among the startups. As previously reported, Termii raised $1.4 million in March in a round co-led by Future Africa and Japan's Kepple Africa Ventures. Through its online messaging platform, it assists businesses in resolving customer retention issues. It enables real-time messaging across multiple channels, fostering interaction between customers and brands.
Lami is an insurance technology startup based in Nairobi. It enables insurance providers to leverage artificial intelligence to improve service to their insured customers and expand their reach to the uninsured. It raised $1.8 million in a round led by Accion Ventures and also included Future Africa, Consonance, P1 Ventures, and Acuity Ventures.
Ongair's service is comparable to that of Termii. Additionally, it enables businesses to communicate with their customers across multiple platforms, including WeChat, Whatsapp, Facebook Messenger, and Telegram. However, the amount of funding raised by Ongair is not disclosed.
About Stitch
Stitch is the final startup disclosed to have received funding from Future Africa in 2021. The South African fintech startup enables businesses to provide personal finance, lending, insurance, payments, and wealth management services.
Through its API, developers can quickly connect apps to users' financial accounts and gain access to their transaction histories and balances, as well as confirm their identities and initiate payments, all with the user's permission.
There are nine additional startups that have received funding from Future Africa, but only the four mentioned previously have made the funding public.
This is an increase over the nine startups announced in Q3 2020. The funding amount increased to $3 million in 13 startups, up from $1 million in the previous quarter.
According to Olabinjo Adeniran, a co-founder of the firm, the firm now funds 47 startups spread across Nigeria, Ghana, Kenya, Tanzania, and South Africa.
Olabinjo stated that Future Africa "surpassed our $1 million commitment to women-led startups and is currently evaluating additional women-led startups in our pipeline to increase this number."
Investors pay a $1000 annual subscription fee and are permitted to invest a minimum of $5,000 in up to 20 African startups per year.
