Investment Firm in Japan Contributes 20 Million Dollars to Emerging Businesses in Africa
Uncovered Fund, in partnership with Monex Ventures, has announced the launch of the Uncovered Monex Africa Investment Partnership (UMAIP), a new $20-million investment fund focused on fostering the growth of startups in Africa and the Middle East.
The fund will focus on four major sectors: finance, sustainability, mobility, and distribution. Specific subsectors of interest include agritech, logistics, climate tech, solar, mobile payments, microlending, and digital retail.
Monex Ventures, a leading Japanese financial institution, is partnering with Uncovered Fund to provide additional resources and connections for the fund. This partnership is a significant milestone for Uncovered Fund, marking a growing trend of Japanese venture capital firms focusing on African markets.
Other firms participating in this trend include Samurai Incubate Africa and Kepple Africa Ventures.
Terakubo, from Uncovered Fund, expressed enthusiasm about the collaboration with Monex Ventures, stating, "We are excited to partner with Monex Ventures to integrate African startups into Japan's corporate ecosystem."
Initial investments from UMAIP will range from $100,000 to $500,000 for early-stage startups. Follow-on funding from UMAIP will range from $1 million to $2 million per company. Half of the UMAIP capital is reserved for follow-on rounds.
Uncovered Fund's portfolio includes notable startups such as Termii, Gozem, Autochek, and Chari. The intention behind these efforts is to tap into the potential for innovation and development in key industries across Africa.
The partnership between Uncovered Fund and Monex Ventures aims to demonstrate a strong commitment to the growth of startups in Africa and the Middle East. UMAIP plans to back 30 companies in total and invest in startups across the region.
The Japanese company involved in the founding of the UMAIP fund is Monex Group. This collaboration is part of a broader effort to support the development of innovative startups in Africa and the Middle East, and to help these startups integrate into Japan's corporate ecosystem.
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