Founders Factory Africa has secured an additional $114 million in funding to expand its unique investment approach, which combines financial support and operational guidance for startups across Africa.
The Mastercard Foundation and Johnson & Johnson Impact Ventures, part of the Johnson & Johnson Foundation, have invested in this initiative, joining existing supporters like Standard Bank Group, Small Foundation, and Netcare Group.
This fund will enable Founders Factory Africa to further develop its investment strategy, aiming to reach a larger number of African tech startups. Their investment structure involves equity investments of approximately $250,000 and an additional $150,000 in equity-free capital.
Since its establishment in 2018, Founders Factory Africa has already supported over 55 African tech startups, including notable names like Mycover ai, OkHi, and Zuri Health.
Founders Factory Africa also revealed plans to expand its range of capital investment options, including non-dilutive capital, to cater to different stages of venture maturity. This South African-based venture capital firm will enhance its internal capabilities to provide top-notch venture-building support to its portfolio of startups.
Founders Factory Africa CEO, Bongani Sithole, iterated that the company’s mission is to provide founders with the necessary funding, knowledge, and hands-on support to achieve commercial success and drive meaningful change.
