Venture capital has become an important way for startups and young businesses to get money over time. Venture capital firms fund and mentor startups or young businesses with long-term growth potential. In Africa, Nigeria and Kenya are currently the hotspots for venture capital investment, with $307 million and $305 million raised in 2020, respectively.
In 2022, the venture capital market – V.C be more dynamic than ever before. However, few people have experienced the type of capital speed in Africa. Venture companies with a focus on Africa have already raised more money than in any other year on record. This makes 2021 a landmark year.
Over 8,300 African entrepreneurs secured over $1 billion from major international investment firms from January to October 2021 as a result of these firms’ bets on the continent’s economic prospects.
Four African firms achieved unicorn rank in the previous year. Provided that venture capitalists invested greater funds in Africa in 2021, it becomes logical to assume that the region will see total venture capital in 2022.
However, there is also a growing number of venture capital firms in Egypt, South Africa, and Rwanda. Despite the coronavirus pandemic, venture capital firms keep closing multi-million dollar funds on startups. Accordingly, some of the active venture capital firms in Africa are:
Top 20 Africa-focused Venture Capital (portfolio).
Adlevo Capital
All over sub-Saharan Africa, Adlevo supports businesses with cutting-edge technology. The venture capital company has its headquarters in Mauritius. Yemi Lalude formed the company’s equity firm manager in 2009.
Adlevo was founded on the belief that expanding innovation in marketing operations throughout all fields could be the primary driver of substantive advancement in sub-Saharan Africa.
The portfolio of Adlevo comprises:
- Solo Phone Holdings Limited
- Pagatech Holdings Limited
- Rancard Solutions Holdings Limited,
- Interswitch Limited.
Adlevo Capital has acquired several investments, including four spur investments.
AfricInvest
In 1994, AfricInvest was established. It is a component of the Integra Group, a Tunisian-based investment and commercial operations provider. Over the years, AfricInvest has generated USD 1.9 billion over 21 funds and enjoys the substantial, ongoing backing of domestic and foreign investors, notably prestigious worldwide innovation organizations in the US and England.
Over 170 businesses in 25 different African nations have received investments from AfricaInvest in several high-growth industries.
- MFS Africa
- Aerobotics
- Ragni Group is part of the AfricaInvest portfolio.
Anza Capital Partners
Anza Capital was founded in 2002 and is based in Johannesburg, South Africa. It is a female-led investment firm that addresses the funding gap for early-stage businesses in Africa, focusing on female-led businesses.
The firm aims at unlocking the potential of an African tech entrepreneur to create impact and prosperity on the continent. Anza Capital receives operational funding from the SA Innovation Summit and the Research Institute for Innovation and Sustainability. They invest a maximum of $2 million in startups.
Bamboo Capital Partners
Bamboo Capital Partners is a commercial private equity firm founded in 2007. It is an impact investing platform based in Luxembourg and provides innovative financing solutions to businesses in emerging markets. Additionally, it provides seed and growth-stage funding.
Bamboo has partnered with UN agencies and global NGOs, and they founded the SDG500; a ground-breaking USD 500 million investment platform to accelerate progress toward the UN’s Sustainable Development Goals (SDGs). They have made a total of 72 investments and acquisitions, and their portfolio includes; Accion Microfinance and Pan-African.
Business Partners Limited
Business Partners Limited is one of the leading business loan providers for SMEs. It was established in 1981, with its headquarters in Johannesburg, South Africa. In 2019, the Global SME Finance Awards named them the Gold winner in the SME Bank of the Year, Africa. Business partners are dedicated to providing business and property finance, property management, mentorship, and technical assistance.
It launched over a $20 million Green fund to support sustainable businesses that positively impact the environment while creating wealth and jobs. It has invested in companies like Loxion Lounge and Alaskan Snow Properties.
Capital Eye Investment Limited.
Capital Eye Investment Limited was established in 2011. It is in Johannesburg, Gauteng, South Africa. The venture capital firm is a blend of start-ups and mature, cash-generating businesses. It focuses on the financial sector to deliver superior returns on technology and associated assets.
Capital Eye Investment Limited was founded in 2008. This venture capital firm is located in Johannesburg, Gauteng, South Africa, focusing on African companies and investments. Capital Eye is a mix of young and established profitable enterprises. To provide higher yields on systems and electronic investments, Capital Eye concentrates on the financial industry.
The Capital Eye venture capital firm recently invested in some businesses, namely:
- Venture Round-innervation,
- Emerge Mobile,
- Alacrity Technologies
- Indaba Mobile
- WiGroup
- Crossfit Technology.
Chandaria Capital
In 2017, the venture capital firm Chandaria Capital was established. The company aims to support enthusiastic and committed businesses as they build enterprises that would change Africa from the inside out.
Chandaria Capital assists with starting a business, financing, strategic initiatives, revenue, and promotion.
This venture capital firm with an emphasis on Africa, has acquired a maximum of 12 investments, with Guidewheel receiving $8 million as their latest prominent one on July 22, 2021. A few of the co
Chanzo Capital
Chanzo Capital is a venture and growth capital firm for high-growth startup companies. It was founded in 2014. The company invests between $500 thousand and $5 million, staggered over the exponential growth phase of the company from series A to C. Existing portfolios include Farmerline, Learn Smarter, and FinAccess.
Capital Chrysalis
Chrysalis Capital is a venture capital firm focused on launching technological businesses. This private investment firm was established in Lagos, Nigeria, in 2019.
Chrysalis currently owns 3 investments, the latest of which was made on March 24, 2021, after Bankly acquired $2 million. Their portfolio also includes businesses such as
- Helium Health
- Koa
- Raise
Convergence Partners
Convergence Partner is a private investment company that focuses on the Saharan Africa technology sector. It was founded in 2006 with the primary aim of focusing on investments in Africa’s telecommunications, media, and technology.
It is located in Johannesburg, Mauritius, and Lagos Nigeria. Convergence Partners has invested in 38 companies with 14 lead investments and one diversity investment where it invested $47M in LifeQ on May 26, 2021.
EchoVC
Launched in 2011, EchoVC is a Lagos-based venture capital firm whose goal is to support innovative solutions while investing in underrepresented entrepreneurs, women, and industries. They have made undisclosed investments as well as disclosed investments in 36 companies.
In addition to
- Bro Intelligence
- Migo
- LifeBank
- Traders of Africa (TOFA),
- PAYJOY, WAPIPAY
- Hotels.ng
- Parallel Wireless,
- Cellulant
- kosa.ai
- WhereIsMyTransport,
- ma3route
- Shopex TV
EvhoVC’s TM portfolio also includes Migo, Cellulant, and kosa.ai.
The latest notable investment made by this venture capital firm with an emphasis on Africa has been in Trade X in 2021 when $10 million was acquired. Around $41 million has been invested by EchoVC overall.
Enigma Ventures
Enygma venture was founded in 2019. It is located in Cape Town, South Africa. The venture capital firm is an investment fund for female entrepreneurs. The firm offers loans to individuals and working capital loans for businesses.
Their most recent investment was on July 14, 2021, when Koa Academy raised ZAR4M. They have invested in companies like Brown and Ayo, Startup Circles.ai, Job Crystal, Lupiya and Play Sense. In 2020, Enygma ventures launched an R120-million worth of investment which is targeted at women-led businesses in Africa and aims to empower female entrepreneurs to create innovative solutions.
Enza Capital
Nairobi, Kenya serves as the home office for Enza Capital. John Lazar, Mike Mompi, and David Cohen launched the company in 2019. Enza Capital seeks to provide funding for visionary people who can solve difficulties in technology and IT.
Enza Capital makes initial investments in sub-Saharan African digital firms ranging from $50,000 to $1,000,000. The Africa-focused Venture Capital made a $1.1M seed V.C investment in Quro Medical on April 4, 2021.
Additionally, Enza Capital has invested in businesses like
- Sendy
- Tugende
- Guidewheel
- Seamless.
The largest investment made by the venture capital firm was in Sendy, where approximately $20 million was spent.
FirstCheck Africa
first check Venture Africa is a venture firm with an emphasis on female seed funding in Africa. The business was initially established in 2021.
The company, based in Lagos, promises to make it simple for African women to earn money and invest in technology.
FirstCheck Africa offers “female-led” enterprises between $1, 000 and $25,000.
Future Africa
Future Africa was launched in 2020, where it invested in 14 startups that year. Notably, Future Africa is an early-stage venture fund that connects investors to mission-driven founders who are turning Africa’s most difficult challenges into global businesses.
Initially, the firm’s investments were centered around Nigerian startups like 54Gene, Bamboo, and Eden. However, the firm is taking a more pan-African outlook as Ghana, Kenya, Tanzania, and South Africa are now represented on the firm’s portfolio map. In the Q2 of 2021, the firm invested $1.2 Million investments in 15 startups.
Greenhouse Capital
Greenhouse Capital, a venture capital company, was established in Lagos in 2016. Venture Garden Group separated the company into its own entity.
The typical purchase value for investments made by Greenhouse Capital—which are investments in “pre-seed and seed rounds” of fintech businesses—ranges from $150 000 to $500 000.
With its latest current investment announced on September 26, 2021, after Yellow Card secured $15 million, Greenhouse Capital currently has a set of 15 investments.
Gold venture capital
Registered under Ghanaian legislation, Gold Venture Capital is a financial company that was established in 2007. The Ventures Capital Trust Fund and Gold Coast Security Limited jointly control the business.
The goal of Gold Ventures is to function as an alternative investment and a means of reducing risks due to economic instability. Vimax was the prime investment made in December 2017 by the V.C. company with an emphasis on Africa. Boulders Advisory Limited currently oversees the management of Gold Venture Capital.
GoldenPalm
1. GoldenPalm
The financial holding corporation, GoldenPalm, was founded in 2008. Accra, Ghana serves as the headquarters for this venture capital firm. It is a beginning and an expansion investment firm with a particular emphasis on technological prospects throughout essential African sectors.
There are 33 investments made by GoldenPalm in total, with their most current investment occurring on November 3, 2021, after Appetito acquired $2 million.
Some of the portfolios offered by GoldenPalm are:
- Ajua
- Autochek
- Chaka
- Fiibre
- Flutterwave
Hustle Fund
The American venture capital business, Hustle Fund, was established in 2017. The venture capital corporation solely makes “pre-seed stage” investments. Hustle fund portfolios are heavily weighted toward customer internet, healthcare, and fintech. There are a total of 106 investments in the Hustle Fund.
The Hustle Fund’s portfolio covers companies like
- Payhippo,
- Vendease,
- Brass
Capital Chanzo.
In 2014, Chanzo Capital, a venture and development capital business with an emphasis on Africa, was established. During the course of the firm’s progressive development process spanning series A to C, the firm makes a delayed investment of between $500k and $5m.
The current portfolios of Chanzo Capital comprise:
- Farmerline
- Learn Smarter
- FinAccess
Invenfin
Invenfin was founded in 2008. It has its headquarters in Stellenbosch, South Africa. They invest in high-growth businesses with international ambitions. It has made about 7 investments. Invenfin invested in DA Villiers chocolate in 2016, Wyzetalk in 2015, ArcAqua in 2012, BOS Brands in 2011,Chesscube.com in 2009, and Ad Dynamo in 2009.
Jedar Capital
Jedar Capital is an American micro-venture capital firm founded in 2020. The venture capital firm focuses on early-stage investment. Presently, Jedar Capital has made a total of 4 investments with their most recent one being on November 23, 2021, when Treepz raised $1.5 million. Other startups in its portfolio are Appetito and ASAAK.
Jonomi Ventures
Jonomi Ventures is an early-stage venture capital firm. The firm is interested in emerging markets based in the Middle East, Africa, and Asia. Its most recent investment was on November 23, 2021, when Treepz raised $1.5 million. Startups in its portfolio include Kuda, NEXD, Adimo, and Edge Mode.
Kalon Venture Partners
Kalon Venture Partners was founded in 2016, and it is located in Johannesburg, South Africa. It aims to invest in and build a portfolio of high technology companies. The average investment size of Kalon Ventures Partners is R5–10 million, equivalent to $340 000 to $680 000. It has raised about $17.5 million to invest in startups. In 2016, the company invested in nine disruptive technology companies.
The firm has made a total of 10 investments with its most recent investment being on the 9th of May, 2021, when iXperience raised about $2.5 million. Portfolios include Carscan, Mobiz, Sendmarc, and iXperience.
Kepple Africa Ventures
Kepple Africa Ventures was founded in 2019. The venture capital firm is based in Tokyo, Japan, and has offices in Nairobi and Lagos. Kepple provides seed, early-stage, and late-stage financing to startups based in Africa. It has investments in about 11 countries, including Ghana, Egypt, South Africa, and Nigeria.
Kepple Africa Ventures has over 95 companies in its portfolio. Some of these investments include pingpong, wasla, BuyCoins, teamapt, Onboard, CURACEL, BEACON POWER SERVICES, bitnob, TALAMUS, Carry1st, AJUA, flare EMERGENCY RESPONSE, WorkPay, M-Shule, Kwara, Sproutfy, and ibuild.
Knife Capital
Knife Capital was founded in 2010. It has offices in South Africa and London. By leveraging knowledge, funding, and network, they aim to accelerate the international expansion of entrepreneurial businesses. The firm has 8 startups in its portfolio and has raised a fund of over $50 million since it was founded. Knife Capital invests through joint funding partnerships.
Launch Africa
Launch Africa was founded in 2020 with its head office in Mauritius. The venture capital firm invests in early-stage technology-driven startups with strong management teams and scalable solutions. Usually, the firm invests up to $300,000 per transaction.
Presently, Launch Africa has made a total of 20 investments, with their most recent investment on November 4, 2021, when Semicolon raised $1.2 million. Some of its portfolio investments include Africx, 1Trolley, Afrikamart, and boya.
MBO Capital Management
MBO Capital Management was founded in 2012 in Lagos, Nigeria. It aims at providing finance for small and medium-sized enterprises (SMEs). By actively raising a fund of $100 million, MBO Capital Management is increasing its capacity to finance the growth of businesses in Nigeria and Sierra Leone.
It has ongoing investments in different sectors. Some of the sectors are retailing, with Retail Supermarket Nigeria Limited (RSNL) in 2021, commodity trading, with Sourcing and Produce (“S and P”) in 2020, healthcare with AfyA Care in 2020, Agriculture with NFC Agro Processing Limited in 2016, entertainment with Inkblit Production Limited in 2017, financial services with FCSL Asset Management Company Limited in 2020 and real estate with Sterling Virtual Office Limited (SVO) in 2013 which cut across states in Nigeria.
MEST Africa
MEST Africa was founded in 2008 and is located in Accra, Lagos, Cape Town, and Nairobi. MEST provides training, funding, and support in software development, business, and communications to Africa’s tech entrepreneurs.
MEST Africa’s internal seed fund gives investments of $50k-$250k in funding to help launch and scale early-stage companies. The firm has over 60 companies in its portfolio which span all sectors and markets.
Microtraction
Microtraction was founded in 2017. The venture capital firm is based in Lagos, Nigeria. It aims at providing accessible and preferred funding for African tech entrepreneurs at the earliest stages of their ventures.
Microtraction has about 23 investments in its portfolio. Some of its portfolios include:
CowryWise in 2017 valued at $3.69Million
PlentyWaka in 2019 was worth $1.62 Million
54gene in 2019 worth $45Million
Thank U Cash in 2018 with funding worth $650K Raise in 2021 worth $25K
TalentMatch in 2021 with a funding size of $100K
Bumpa in 2021 worth $200K
Payday on October 8, 2021, with a funding size of $ 1 million.
According to the firm, the combined valuation of funding is worth over $147Million.
Newtown Partners
Newtown Partners launched in 2014, and its headquarter is in Cape Town, South Africa. Newtown Partners invests in emerging disruptive technology startup businesses. It has invested in startups like Lori systems, Field Intelligence, Civic, BitGo, IPFS, Turbo DriftAR, Zeppelin, and Flutterwave to mention a few.
It is noteworthy that the Imperial Venture fund is a $20 million fund created by Newtown Partner and Imperial. June records $105 million received in investment. The firm has made 13 investments since its establishment. Their most recent investment was on Sep 13, 2021, when Clockwork Logistics Systems raised $5.5M.
Enygma Ventures
In 2019, the Venture Capital Enigma Venture was established. The company is based in Cape Town, South Africa. This company is an equity foundation for female business owners.
Private mortgages and company cash flow lending are both available from Enigma Ventures.
On July 14, 2021, Koa Academy secured ZAR4M, marking their greatest current investment. Companies including Brown and Ayo, Startup Circles.ai, Job Crystal, Lupiya, and Play Sense have received investment from Enigma Ventures.
This venture capital firm established an investment totaling R120 million in 2020 that is focused on ” women-led” firms in Africa with the goal of empowering female business owners to develop cutting-edge innovations.
Novastar Venture
Novastar Venture was founded in 2014. It has its headquarters in London, the United Kingdom. The venture capital firm also has offices in Kenya and Nigeria. Novastar aims at investing in and assisting the next generation of exceptional entrepreneurs who are building and implementing innovative business models to effectively serve Africa’s mass market across East and West Africa.
Novastar Venture has 32 investments in its portfolio. Some of their investments are with elephant, GreenPath, iProcure, KOMAZA, max.ng, NEW GLOBE, PENDA HEALTH, solar now, teamapt. It has invested a total capital valued at about $200Million.
OUI Capital LP
OUI Capital LP is a venture capital firm based in Lagos, Nigeria. It was established in 2018. The firm aims to support founders to build transformative technology-enabled businesses that will shape Africa. OUI Capital primarily focuses on pre-seed and seed rounds of companies, preferably with valuations of less than $10 million.
The firm has invested in fourteen companies spread across Nigeria, Kenya, Zimbabwe, Mauritius, and the United States. Their existing portfolio includes Vite, Twende, Teamapt, OkHi, and MVX.
Pacer Ventures
Pacer ventures is a Silicon Valley-based institute founded in 2009. The venture capital firm aims to help entrepreneurs get the support and focus needed to build a business. Its goal is to invest in tech founders to solve the most critical problems and increase the rate of tech adoption.
In total, pacer ventures have five investments with the beta store being the most recent. It has also invested in Farm365, LearnPower. Pacer Ventures has six co-investors and ten teams.
Saviu Ventures
Saviu Ventures is a venture capital firm targeted at category-defining technology companies in Africa. It was founded in 2017 by Arthur Thuet and Benoit Delestre and has offices in Kenya, Mauritius, and Paris. The firm invests in commercial products and services, retail, e-commerce, fintech, and mobility sectors in Africa at large. So far, Saviu Ventures has 15 investments with their most recent investment on Jul 26, 2021, when Julaya raised $2M. Some of their existing portfolios are Paps, Seekewa, Lapaire, FinChatBot, Afrikrea, ICT4DEV.
Secha Capital
Secha Capital is located in Johannesburg, South Africa, and was founded in 2016. It aims at investing in African small and medium-sized enterprises (SMEs) looking to grow. They work alongside startups to reach their full potential.
Secha Capital Partners has made 2 investments. Their most recent investment was on Nov 30, 2020, when they acted as a lead investor in raising an undisclosed amount of funds for I-G3N.
SherpaAfrica
SherpaAfrica was founded in 2020 and is based in Nairobi, Kenya. It aims to invest in early-stage tech and tech-enabled startups in Africa. They have quite many investments in their portfolio, which include investments in OnePiece, PayHippo, Mono, CashBackMobileApp, Boost, Koa, Zumi, Money254, and Moneymie. Their latest fund size was $1.1 million in November 2020.
TLCom Capital Partners
TLCom capital partners is a venture capital firm founded by Maurizio Caio in 1999, with its headquarters in London, United Kingdom. Its other offices are in Nairobi and Lagos. TLCom targets technology, commerce, fintech, and customer service for corporates and SMEs.
Usually, TLCom invests between $500 thousand and $10 million in a company. On January 25, 2021, it invested $6M in Pula advisors as a lead investor. Their most recent investment was on April 21, 2021, when Okra inc. raised $3.5M.So far.
The company has invested in about 43 startups. Current portfolios include Autocheck, Ilara Health and Andela, Twiga.
Techstars Venture
Techstars is an American seed accelerator firm founded in 2006 in Colorado, the United States. The venture capital firm assists founders and early-stage entrepreneurs to realize their vision. Since its inception, the firm has supported over 1900 startups, ranging from aerospace, finance, and logistics.
Techstar has made about 370 investments, the latest being on August 3, 2021, when Rezilent Health raised $2.5 million.
Uncovered Fund Inc.
Uncovered Fund Inc. is a Tokyo-based venture capital firm founded in 2019. The firm is interested in early and seed-stage startups in health tech, logistics, and agritech that are based in Kenya, Nigeria, and South Africa.
The maximum ticket size of Uncovered Fund Inc. is $500 000 and its total investment size is currently $15 million. Current portfolios include BRASS, YOCO, Bungalow and Bettr.
Vantage Capital
Vantage Capital, popularly known as Africa’s largest mezzanine fund manager, was founded in 2001 in South Africa. Currently, it has offices in Johannesburg and Cape Town. The company aims to deliver consistent, sustainable returns by identifying, structuring, and managing investments responsibly and thoughtfully.
Since 2006, Vantage Capital’s Mezzanine division has made 31 investments across three funds into 11 African countries, making it the largest and most experienced independent mezzanine funder on the continent. Presently, Vantage Capital has raised over $1.3 billion across eleven African countries such as Ghana, Nigeria, Uganda, Kenya, Egypt, and Namibia. Portfolios include equityinvest, Alley Roads and Tamarin.
Voltron Capital
Voltron Capital was founded in 2021. The venture capital firm is located in Nigeria. It aims at assisting elite tech founders to tackle critical problems in the continent’s largest market. Voltron Capital writes ticket size of US$20,000 to US$100,000 per company, with a portfolio that mainly focuses on Nigeria, Kenya, South Africa and Northern Africa.
Y Combinator
Y Combinator is an American technology startup accelerator firm, founded in 2005. The firm invests around $125k per startup twice a year in a large number of startups. In total, Y Combinator has made 4, 108 investments since its inception. Its African portfolio includes Mono, Blueloop, Prospa, Sendbox, Djamo, and Dayra.
Zedcrest Capital
Zedcrest Capital was founded in 2013. It is based in Lagos, Nigeria. The firm is Africa’s foremost new-age financial solutions powerhouse with a reputation for excellent business practices. Zedcrest Capital is a privately-funded investment firm with interests in fixed-income securities trading and proprietary investments across various sectors of the productive economy.
Currently, Zedcrest Capital has over 20 investments in its portfolio. They have an investment with TalentQL in 2020, where a fund amounting to $300k, was raised and the most recent being with Tanda 2021.
4Di Capital
4Di Capital was founded in 2009. The firm has offices in Cape Town, South Africa, and Atlanta, Georgia, U.S.A. The company focuses on early-stage mobile, enterprise software, and web sectors. They aim for a founder team with commitment, passion, and insight into market problems they wish to solve with their technology solution.
4Di Capital has made over 19 investments, and the most recent investment was on May 26, 2021, when LifeQ raised $48 million. Their portfolio includes Snapt, tilt, Aerobotics and Sokowatch.
500 Startups
500 Startups was founded in 2010. The venture capital firm is an American VC that invests early in founders building fast-growing technology companies. 500 startup has a total investment of 2,676. Some African startups in its portfolio include Connected Analytics, WellaHealth, Olist, Argineering and BasharSoft.
Please note that this is not by any means an exhaustive list. We will continue to update it
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