INGRESSIVE CAPITAL GROWS AFRICAN TECH FUND TO $10 MILLION USD
Ingressive capital is a venture capital (VC) group that offers pre-seed and seed funding to startups in business-to-business, business-to-consumer, internet and fintech spaces. Ingressive Capital through new investment from Nigeria Sovereign Investment Authority, Plexo Capital, Platform Capital, other institutional capital and backers have been able to expand their fund to US$10 million.
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The group’s investments average from US$200 000 to 400 000, and they take a 10% ownership for their investment. Ingressive Capital’s portfolio includes, OZÉ, Paystack, Jetstream, 54gene, Bamboo and many others.
They are taking applications from startups in Sub-Saharan Africa. There is currently no deadline for applicants and the form to apply can be found here
The firm reached the new close by welcoming new limited partners like Nigeria Sovereign Investment Authority (NSIA), US-based Plexo Capital and Platform Capital, a Nigerian firm behind a futuristic biotech company. Other investors in the fund include Techstars, Michael Seibel (CEO of Y Combinator), and more than 10 other investors and accelerators, the company said.
Since beginning operations in 2015 with its “tour of tech” events, Ingressive Capital has funded Paystack, 54Gene, Jetstream, Fuelmetrics, and FunnelJoy, an analytics startup that was one of six early-stage companies recently funded by Ventures Platform.
Increasing the size of its fund will enable the firm fund more startups, offering ticket sizes that typically are between two and four hundred thousand dollars for a 10% equity stake.
Ingressive began moves to increase the investment fund after observing an appreciation in the average round for pre-seed and early-stage companies in Africa, Maya Horgan Famodu, the firm’s founder and CEO, tells TechCabal.
Starting off with a fund pooled from friends, family and advisory clients, she made her first startup investment in Paystack in 2017. Under her direction, Ingressive has expanded its horizon as a venture capital entity, reaching a $5 million close from a number of institutional investors in 2019. At the time, ticket sizes were capped at $100,000.
Source: https://techcabal.com/2020/06/24/ingressive-grows-investment-fund-10-million/
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