Founders Factory Africa raises $114M to invest in African startups
Originally launched in London in 2015, Founders Factory has emerged as an accelerating force in the African startup landscape, serving as a dynamic accelerator and incubator dedicated to nurturing early-stage ventures.
With a unique blend of strategic capital infusion and hands-on operational guidance, Founders Factory Africa provides a fertile ground for startups to not only survive but thrive in a highly competitive market.
Now, the early-stage startup accelerator and venture studio has received a substantial boost, as it secured an impressive $114 million in funding from a lineup of prestigious backers including the Mastercard Foundation and Johnson & Johnson Impact Ventures. This follows on from previous investments by Standard Bank, the Small Foundation, and Netcare.
The new funding will serve as a launchpad for Founders Factory Africa's ambitious expansion plans. Already with a portfolio of over 55 tech startups across 11 countries in Africa, Founders Factory Africa is set to expand its operations and scale its innovative model even further impacting up to 140 tech startups across the continent with the new funding injection.
At the heart of Founders Factory Africa's mission lies its commitment to empowering startups pre-Seed and Seed stages. The accelerator extends a financial lifeline of up to $250,000 to promising ventures and up to $150,000 in non-dilutive funds to all the companies within its expansive portfolio.
The diverse portfolio curated by Founders Factory Africa includes a range of fintech and health tech companies including Zurihealth, a Kenyan digital healthcare platform; Asaak, a Ugandan asset financing startup for drivers in East Africa; Floatpays, a platform facilitating early-wage access; and Fresh Source, an Egyptian food tech startup.
