Ingressive Capital raises investment fund to $10m to support more tech-startups in Africa

AFRICAVenture Capital firm, Ingressive Capital has doubled its investment vehicle to US$ 10 million to support more high-growth, tech-enabled startups across Africa, Disrupt Africa has repoted,

Ingressive Capital invests in pre-seed and seed-stage tech-enabled businesses in the B2B space that provides solutions to Africa’s traditional billion-dollar industries.

The venture capital firm also supports  B2C fintech and internet companies in the continent.

Ingressive Capital typically  averages US$200,000 to US$400,000 ticket sizes and targets 10 per cent ownership into companies it funds.

Earlier this year, Ingressive Capital invested a undisclosed amount in Nigerian digital escrow service Vesicash to help it grow its customer base and secure key partnerships.

Disrupt Africa had then reported that apart from funding, Ingressive Capital would also help Vesicash with strategy and planning especially in the development of a  go-to-market strategy.

The venture capital firm’s portfolio includes Paystack, Tizeti, Jetstream, 54gene, OZÉ, Bamboo and many more high-growth startups.

According to Disrupt Africa, new investors into the Ingressive Capital fund, which now totals US$10 million, include Nigeria Sovereign Investment Authority, Plexo Capital, Platform Capital and other institutional capital.

Additional backers of Ingressive Capital include Michael Seibel, the chief executive officer (CEO) of Y Combinator, individuals at Techstars, WTI and more than 10 other top funds and accelerators.

Ingressive Capital founder Maya Horgan-Famodu said many billion-dollar companies had been founded or found their footing during economic downturns and market contractions, meaning the firm had no concerns about investing during the COVID-19 crisis.

“We know that creativity blossoms when resources become scarce. We launched and grew Ingressive through Nigeria’s last recession. As far as global businesses, IBM found its market and scaled through the Great Depression,” Maya Horgan-Famodu explained.

The founder of Ingressive Capital further said that Zendesk launched in 2007 and raised in 2008, and Airbnb was founded out of the 2008 downturn and further noted that WhatsApp, Uber and Venmo were launched during the 2009 recession.

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