VC firm Algebra Ventures closes its US$100m second Egypt-dedicated fund

EGYPT – Algebra Ventures, a venture capital firm, has finalized a US$100 million first close of its second Egypt-dedicated fund. Algebra plans to invest US$15 million in startups by the end of 2022, within the first year of operation, and is expecting to make the final close by the end of Q1 2023. Algebra’s second fund is supported by existing…

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Corporate venture builder Byld Ventures closes US$15m to fund African fintechs

AFRICA – Byld Ventures, an investment firm focusing on early-stage funding for fintechs in Africa, has made a new close of its US$15 million fund launched in May, with a focus to back fintechs in the African ecosystem. Over a dozen athletes, in addition to the government of Dubai and a few institutional investors who have not been disclosed, have…

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Venture capital firm Microtraction raises US$15m first close for its community fund

NIGERIA – Microtraction, a Lagos-based early-stage venture capital firm, has raised US$15 million for the first close of its community fund, which will invest in pre-seed stage startups across Africa. Microtraction wants to use this money to make first-round investments in at least 60 African entrepreneurs. “Up to ~20% of those investments will get the quick top-up in their next…

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VC fund FrontEnd Ventures closes US$1m to provide funding for early-stage founders

KENYA – FrontEnd Ventures, a Kenya-focused venture capital fund has closed its initial US$1 million VC fund to provide funding for early-stage founders in the East African country. Founded by Njeri Muhia and Steven Wamathai in 2021, FrontEnd Ventures, is backed by a US$5 million fund—likely to extend to US$10 million. The VC firm is issuing a US$100,000 cheque size…

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VC firm Persistent Energy raises US$10m Series C round to expand its business

AFRICA – Persistent Energy, a venture capital firm (VC), has raised US$10 million in Series C funding round to grow its climate venture building business in Africa. The round was led by Kyuden International Corporation, a subsidiary of the Japanese Kyushu Electric Power Group, and Financial Sector Deepening (FSD) Africa Investments. The equity round also had the participation of six…

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Venture Capital firm Binance Labs closes US$500m fund to drive adoption of blockchain technologies

AFRICA – Binance Labs, the venture capital and incubation arm of Binance, has announced the closing of a new US$500 million investment fund. The new fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies. The organization announced that the fund is supported by leading global institutional investors…

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Constant Ventures launches US$100M venture capital fund for tech startups across West Africa

WEST AFRICA – Constant Ventures, a subsidiary of Constant Group is raising a US$100 million venture capital fund to invest across a range of technology startups with a focus on financial inclusion, education, and healthcare across West Africa. The Investee companies of this fundraising will be based in Nigeria and Ghana at first, as Constant Ventures aims to expand funding…

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Early vc firm Rali Cap launches US$30m to invest B2B and API-first fintechs across Africa

AFRICA – Rali Cap, an early-stage venture capital (vc) firm focused on emerging markets, has launched a US$30 million fund. Investors who took part in the funding include FT Partners, Breyer Capital, Propel VC, Better Tomorrow Ventures, Bain Capital, Lateral Capital, a few family offices, and HNIs. The firm invests in B2B and API-first fintechs across Africa, Latin America and…

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AfDB approves US$10.66M equity investment to support venture capital investments in African start-ups

AFRICA – The Board of Directors of the African Development Bank (AfDB) has endorsed a US$10.66 million equity investment to stimulate venture capital investments in African entrepreneurs at all stages of development. The African Development Bank (AfDB) will provide US$7.62 million from its own funds to the equity fund, while the European Union (EU) will invest US$3.05 million in partnership…

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Morocco’s Al Mada Holding launches US$113M Venture Capital Fund to back startups

MOROCCO – Morocco’s Al Mada holding group has announced the launching of US$113 million pan-African venture capital to invest in fast-growing start-ups on the continent. Al Mada-backed venture capital aims to attract innovative investors and take part in the exponentially-growing African startup landscape, according to converging news reports. The new venture capital aims to bank on the significant growth prospects…

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