The startup seed fund established as a collaboration between Andela and Flutterwave co-founder Iyinoluwa Aboyeji has announced it made nine investments totaling US$1 million in the third quarter of the year, taking its portfolio to 28 companies. Under the auspices of Future Africa Fund which was launched in April 2020.
The Fund was opened to co-investors and members began being admitted in June, and in less than six months Future Africa has built a community of over 125 angel investors from all over the world. The first deal presented to the Future Africa Collective was oversubscribed by 28 per cent within 72 hours, and the second deal was oversubscribed by 68 per cent within seven hours. Sources say that both deals had an allocation of US$100,000 as they raised over US$250,000 for a particular company within 4 days.
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In total, Future Africa has backed 28 startups so far, with nine of those investments made in Q3, totalling US$1 million. They are all Nigerian startups.Those startups are investtech platform Bamboo, tech-enabled concierge Eden, agri-tech startup Releaf, lung imaging device maker Tambua Health, credit provider Indicina, lending startup Evolve Credit, distribution platform Shara, prop-tech startup Myawayhome, and data company Stears.
The Fund’s managers say that they have also pioneered a new model of investing in Africa that gives investors the flexibility to subscribe to a quarterly fund and get exposure to all the deals we participate in within that specific quarter. “We call this the Future Africa Rolling Fund. So far we’ve raised over US$500,000 in this fund,” the source said.
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